ENGLEWOOD, Colo.--(BUSINESS WIRE)--Dec. 31, 2018--
QVC, Inc. (“QVC”) announced today the refinancing of its senior secured
credit facility with a new amended and restated senior secured credit
facility. The new senior secured credit facility is a multi-currency
facility, provides a line of credit of up to $3.65 billion and replaces
QVC's existing $2.65 billion bank credit facility. QVC is a wholly owned
subsidiary of Qurate Retail, Inc. (Nasdaq: QRTEA, QRTEB).
The interest pricing for the new senior secured credit facility is the
same as the previous credit facility, and the maturity on the new credit
facility extends to December 31, 2023. QVC's maximum leverage ratio
covenant under the new credit facility will be 3.5x and the facility
includes a $400 million tranche on which Qurate Retail’s subsidiary
zulily, llc is a co-borrower, which are both unchanged from the previous
credit facility. The new credit facility is secured by the stock of QVC,
Inc. and zulily, llc.
In connection with the refinancing, HSN, Inc. and its subsidiaries,
other than the Cornerstone Brands, became subsidiaries of QVC as part of
an intercompany restructuring by Qurate Retail, Inc. Proceeds from QVC’s
new credit facility were used to repay in full all outstanding debt
under the $1.00 billion senior secured credit facility of HSN, Inc., and
HSN, Inc.’s credit facility was terminated.
About Qurate Retail, Inc.
Qurate Retail, Inc. (NASDAQ: QRTEA, QRTEB) operates and owns interests
in a broad range of digital commerce businesses. Qurate Retail, Inc.’s
businesses and assets consist of its subsidiaries QVC, Inc., HSN, Inc.,
and zulily, llc (collectively, the Qurate Retail Group) as well as its
interest in FTD, among other things.
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Source: Qurate Retail, Inc.
Qurate Retail, Inc.
Courtnee Chun, 720-875-5420