ENGLEWOOD, Colorado – (COMMERCIAL THREAD) – QVC, Inc. (âQVCâ) today announced the refinancing of its senior secured credit facility with a new amended and restated senior secured credit facility on October 27, 2021. The new Senior Secured Credit Facility is a credit facility, provides a line of credit of up to $ 3.25 billion and replaces QVC’s existing $ 2.95 billion bank credit facility. QVC is a wholly owned subsidiary of Qurate Retail, Inc. (Nasdaq: QRTEA, QRTEB, QRTEP).
The interest rate pricing for the new senior secured credit facility has been reduced by the interest rate pricing of QVC’s existing bank credit facility and is based on a pricing schedule that varies based on Combined ratio of total consolidated debt to consolidated borrowers’ EBITDA under the new senior secured credit facility. The maturity of the new senior secured credit facility is October 27, 2026. The multi-currency revolving credit facility may be borrowed by QVC (including QVC Global Corporate Holdings, LLC), Zulily, LLC (âZulilyâ) and Cornerstone Brands, Inc. (âCornerstoneâ), each a direct or indirect wholly owned subsidiary of Qurate Retail, Inc. The new senior secured credit facility is secured by the equity of QVC, Zulily and Cornerstone.
About Qurate Retail, Inc.
Qurate Retail, Inc. is a Fortune 500 company comprised of seven major retail brands – QVCÂ®, HSNÂ®, ZulilyÂ®, Ballard DesignsÂ®, FrontgateÂ®, Garnet HillÂ® and Grandin RoadÂ® (collectively, “Qurate Retail GroupSM “). Globally, Qurate Retail Group is a global leader in video commerce, among the 10 largest e-commerce retailers in North America (according to Digital Commerce 360) and a leader in mobile and social commerce . The retailer reaches an estimated 218 million homes worldwide through 14 TV networks and millions more through multiple streaming services, social pages, mobile apps, websites, print catalogs and in-store destinations. Qurate Retail, Inc. also owns various minority interests and investments in green energy.