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QVC amends and restates $3.25 billion revolving facility
By Mary-Katherine Stinson
Lexington, Ky., Oct. 28 – QVC, Inc., a wholly owned subsidiary of Qurate Retail, Inc., amended and restated its $3.25 billion multicurrency revolving credit facility on Oct. 27, according to a release.
The amended facility replaces the company’s existing $2.95 billion senior secured credit facility.
The revolver can be borrowed by QVC (including QVC Global Corporate Holdings, LLC), Zulily, LLC or Cornerstone Brands, Inc. which are all direct or indirect wholly owned subsidiaries of Qurate Retail
The facility matures Oct. 27, 2026.
The interest rate pricing for the new facility decreased from the existing bank facility based on a pricing grid that varies depending on the combined ratio of consolidated total debt to consolidated EBITDA of the borrowers.
The facility is secured by the equity of QVC, Zulily and Cornerstone.
West Chester, Pa.-based QVC is a cable, satellite and broadcast television network specializing in televised home shopping.
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