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QVC refinances with $2.65 billion facility, includes zulily tranche
New York, June 23 – QVC, Inc. said it refinanced its credit facility with a new $2.65 billion amended and restated senior secured credit facility.
The facility includes a $400 million tranche on which zulily, llc is a co-borrower. Zulily, like QVC, is a subsidiary of Liberty Interactive Corp.
Pricing on the new facility, which replaces a $2.25 billion facility, is the same as the old one.
The new maturity date is June 23, 2021.
QVC has a maximum leverage covenant of 3.5x, the same as previously.
There is also a combined leverage covenant for zulily and QVC, which QVC said improves the overall interest rate under the facility.
The facility is secured by the stock of QVC and zulily.
Englewood, Colo. Liberty Interactive owns digital commerce businesses. QVC Group includes QVC, Inc. and zulily, llc and Liberty’s interest in HSN, Inc.
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