Liberty Media Corporation announces refinancing of QVC bank credit facilities

The Revolver is a multi-currency facility. IT provides a credit of up to $2 billion and replaces QVC's existing credit facilities, which will 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.

President and CEO of Liberty Greg Maffei said, “We are pleased with the successful refinance of QVC's bank debt. 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. The Revolver will extend maturities up to September 2015.

Liberty Media is attributed to three tracking stock groups, the Liberty Interactive group (Nasdaq: LINTA, LINTB), Liberty Starz group (Nasdaq: LSTZA, LSTZB) and Liberty Capital group (Nasdaq: LCAPA, LCAPB).