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JPMorgan Chase Agents $3.25B Refinance for QVC

Date: Oct 29, 2021 @ 08:00 AM
Filed Under: Retail

QVC 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 multi-currency revolving 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.

According to an SEC Filing, JPMorgan Chase Bank acted as administrative agent.

The interest rate pricing for the new senior secured credit facility was decreased from the interest rate pricing in QVC’s existing bank credit facility and is based on a pricing grid that varies depending on the combined ratio of consolidated total debt to consolidated EBITDA of the borrowers under the new senior secured credit facility. The maturity on the new senior secured credit facility is October 27, 2026. The multi-currency revolving facility may be borrowed by QVC (including QVC Global Corporate Holdings, LLC), Zulily, LLC (“Zulily”) and Cornerstone Brands, Inc. (“Cornerstone”), 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.

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