Fitch affirms Liberty, QVC

Fitch Ratings said it affirmed the BB issuer default ratings for Liberty Interactive LLC and its wholly owned subsidiary QVC Inc. following Liberty Interactive Corp.’s Aug. 17 announcement that it will acquire zulily inc. for $2.4 billion.

The outlook remains stable.

Liberty intends to fund the acquisition with a mixture of cash on hand at zulily (roughly $300 million), the issuance of about 40 million shares of QVCA stock ($1.2 billion) and borrowings under QVC's revolving credit facility ($900 million).

The acquisition is expected to close during the fourth quarter of 2015 subject to receipt of certain regulatory approvals. Once the acquisition is completed, zulily will be a subsidiary of Liberty Interactive Corp., not of Liberty LLC.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.