ENGLEWOOD, Colo., Sept. 2 /PRNewswire-FirstCall/ -- Liberty Media
Corporation (Nasdaq: LCAPA, LCAPB, LINTA, LINTB, LSTZA,
LSTZB), and QVC, Inc. today announced the refinancing of QVC's bank
credit facilities with a new Revolving Credit Facility (the
"Revolver"). The Revolver is a multi-currency facility,
provides a line of credit of up to $2
billion and replaces QVC's existing credit facilities set to
expire between 2011 and March 2014.
Of the $2 billion of capacity
available on the Revolver, QVC drew the USD equivalent of
$1.83 billion at closing.
"We are pleased with the successful refinance of QVC's bank
debt," said Greg Maffei, President
and CEO of Liberty. "The new facilities enhance QVC's credit
profile and further strengthen its balance sheet by providing
additional financial flexibility and liquidity."
The interest rate on the Revolver is at a lower rate than the
weighted average rate of the previous bank credit facilities and
the Revolver extends maturities to September
2015. QVC's maximum leverage ratio covenant under the
Revolver is 3.5x (as compared to 3.75x currently), through
September 2012 and 3.25x thereafter.
The Revolver is secured by the stock of QVC and certain of
its subsidiaries.
About Liberty Media Corporation
Liberty Media owns interests in a broad range of electronic
retailing, media, communications and entertainment businesses.
Those interests are attributed to three tracking stock groups: (1)
the Liberty Interactive group (Nasdaq: LINTA, LINTB), which
includes Liberty Media's interests in QVC, Provide Commerce,
Backcountry.com, BUYSEASONS, Bodybuilding.com, IAC/InterActiveCorp,
and Expedia, (2) the Liberty Starz group (Nasdaq: LSTZA,
LSTZB), which includes Liberty Media's interest in Starz
Entertainment, and (3) the Liberty Capital group (Nasdaq:
LCAPA, LCAPB), which includes all businesses, assets and
liabilities not attributed to the Interactive group or the Starz
group including its subsidiaries Starz Media, LLC, Atlanta National
League Baseball Club, Inc., and TruePosition, Inc., Liberty Media's
interest in SIRIUS XM Radio, Inc., and minority equity investments
in Time Warner Inc. and Live Nation.
Contact:
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Courtnee Ulrich
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(720) 875-5420
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SOURCE Liberty Media Corporation
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