QVC replaces existing loans with $2 billion multi-currency revolver

By Angela McDaniels

Tacoma, Wash., Sept. 2 - QVC, Inc. refinanced its bank credit facilities with a new $2 billion multi-currency revolving credit facility, according to a news release from parent company Liberty Media Corp.

The five-year revolver replaces QVC's existing credit facilities set to expire between 2011 and March 2014.

QVC drew the equivalent of $1.83 billion at closing.

Liberty Media said the interest rate is lower than the weighted average rate of the previous bank credit facilities.

QVC's maximum leverage ratio covenant under the revolver is 3.5 times, compared with 3.75 times currently, and steps down to 3.25 times after September 2012.

The revolver is secured by the stock of QVC and some of its subsidiaries.

QVC is a West Chester, Pa.-based multimedia retailer. Englewood, Colo.-based Liberty Media owns interests in electronic retailing, media, communications and entertainment businesses.

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