Press Release

QVC Announces Refinancing of Bank Credit Facility

October 28, 2021: QVC, Inc. announced today the refinancing of its senior secured credit facility with a new amended and restated senior secured credit facility on October 27, 2021.

ENGLEWOOD, Colo.: QVC, Inc. (“QVC”) announced today 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. (Nasdaq: QRTEA, QRTEB, QRTEP).

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.

 

About Qurate Retail, Inc.

Qurate Retail, Inc. is a Fortune 500 company comprised of seven leading retail brands – QVC®, HSN®, Zulily®, Ballard Designs®, Frontgate®, Garnet Hill®, and Grandin Road® (collectively, “Qurate Retail GroupSM”). Globally, Qurate Retail Group is a world leader in video commerce, among the top e-commerce retailers in North America (according to Digital Commerce 360), and a leader in mobile commerce and social commerce. The retailer reaches approximately 218 million homes worldwide via 14 television networks and reaches millions more via multiple streaming services, social pages, mobile apps, websites, print catalogs, and in-store destinations. Qurate Retail, Inc. also holds various minority interests and green energy investments.

Contact

Qurate Retail, Inc.
Courtnee Chun, 720-875-5420

About QVC, Inc.

QVC® is a world leader in video commerce across broadcast, streaming, mobile, and social platforms, offering engaging, interactive shopping experiences for millions of people worldwide and large audiences for thousands of vendors. QVC delivers the joy of discovery through the power of relationships. Every day, QVC engages millions of shoppers in a journey of discovery through an ever-changing collection of familiar brands and fresh new products, from home and fashion to beauty, electronics, and jewelry. Along the way, QVC connects shoppers to interesting personalities, engaging stories, and award-winning customer service. Based in West Chester, Pa., and founded in 1986, QVC has retail operations in the U.S., the U.K., Germany, Japan, and Italy. Worldwide, QVC reaches 218 million homes via its 12 broadcast networks and reaches millions more via multiple streaming services, websites, mobile apps, and social pages. To learn more, visit corporate.qvc.com, follow @QVC on Facebook, Instagram, or Twitter, or follow QVC on Pinterest, YouTube, or LinkedIn.

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