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Long-Term Debt | 6 Months Ended
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Jun. 30, 2025
Long-Term Debt |
Long-Term Debt | ​ ​ (6) Long-Term Debt Debt is summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Outstanding | ​ | ​ | ​ | ​ | ​ |
​ | ​ | principal at | ​ | Carrying value |
​ |  | June 30, 2025 |  | June 30, 2025 |  | December 31, 2024 |
​ | ​ | amounts in millions |
Corporate level debentures | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
8.5% Senior Debentures due 2029 | ​ | $ | 287 |  | ​ | 286 |  | 286 | ​
8.25% Senior Debentures due 2030 | ​ |  | 505 |  | ​ | 503 |  | 503 | ​
4% Exchangeable Senior Debentures due 2029 (1)(2)(3) | ​ | ​ | 350 | ​ | ​ | 39 | ​ | 128 | ​
3.75% Exchangeable Senior Debentures due 2030 (1)(2)(3) | ​ | ​ | 427 | ​ | ​ | 47 | ​ | 154 | ​
Subsidiary level notes and facilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
QVC 4.45% Senior Secured Notes due 2025(3) | ​ | ​ | — | ​ | ​ | — | ​ | 585 | ​
QVC 4.75% Senior Secured Notes due 2027 | ​ | ​ | 44 | ​ | ​ | 44 | ​ | 44 | ​
QVC 4.375% Senior Secured Notes due 2028 | ​ | ​ | 72 | ​ | ​ | 72 | ​ | 72 | ​
QVC 6.875% Senior Secured Notes due 2029 | ​ | ​ | 605 | ​ | ​ | 605 | ​ | 605 | ​
QVC 5.45% Senior Secured Notes due 2034 | ​ | ​ | 400 | ​ | ​ | 400 | ​ | 400 | ​
QVC 5.95% Senior Secured Notes due 2043 | ​ |  | 300 |  | ​ | 300 |  | 300 | ​
QVC 6.375% Senior Secured Notes due 2067 | ​ | ​ | 225 | ​ | ​ | 225 | ​ | 225 | ​
QVC 6.25% Senior Secured Notes due 2068 | ​ | ​ | 500 | ​ | ​ | 500 | ​ | 500 | ​
QVC Senior Secured Credit Facility | ​ | ​ | 1,925 | ​ | ​ | 1,925 | ​ | 1,195 | ​
Deferred loan costs | ​ | ​ | — | ​ | ​ | (26) | ​ | (29) | ​
Total consolidated QVC Group debt | ​ | $ | 5,640 |  | ​ | 4,920 |  | 4,968 | ​
Less current classification | ​ | ​ | ​ |  | ​ | (86) |  | (867) | ​
Total long-term debt | ​ | ​ | ​ | ​ | $ | 4,834 |  | 4,101 | ​
| (1) | Measured at fair value
| (2) | Classified as current at June 30, 2025
| (3) | Classified as current at December 31, 2024
​ QVC Senior Secured Notes ​ On February 18, 2025, QVC repaid the remaining 4.45% Senior Secured Notes due 2025, at maturity, using availability on the Credit Facility (as defined below) and cash on hand. ​ The senior secured notes permit QVC to make unlimited dividends or other restricted payments so long as QVC is not in default under the indentures governing the senior secured notes and QVC’s consolidated leverage ratio is not greater than 3.5 to 1.0 (the “senior secured notes leverage basket”). As of June 30, 2025, QVC’s consolidated leverage ratio (as calculated under QVC’s senior secured notes) was greater than 3.5 to 1.0 and as a result QVC is restricted in its ability to make dividends or other restricted payments under the senior secured notes. Although QVC will not be able to make unlimited dividends or other restricted payments under the senior secured notes leverage basket, under the indentures, QVC will continue to be permitted to make unlimited dividends to parent entities of QVC to service the principal and interest when due in respect of indebtedness of such parent entities (so long as there is no default under the indentures governing QVC’s senior secured notes) and permitted to make certain restricted payments to QVC Group under an intercompany tax sharing agreement in respect of certain tax obligations of QVC and its subsidiaries. ​ QVC Senior Secured Credit Facility ​ On October 27, 2021, QVC amended and restated its latest credit agreement (as amended and restated, the “Fifth Amended and Restated Credit Agreement”) and refinanced QVC’s existing bank credit facility by entering into the Fifth Amended and Restated Credit Agreement with CBI and QVC Global Corporate Holdings, LLC (“QVC Global”), each a direct or indirect wholly owned subsidiary of QVC Group, as borrowers (QVC, CBI and QVC Global, collectively, the “Borrowers”), JPMorgan Chase Bank, N.A., as administrative agent, and the other parties named therein. ​ The Fifth Amended and Restated Credit Agreement is a multi-currency facility providing for a $3.25 billion revolving credit facility (the “Credit Facility”), with a $450 million sub-limit for letters of credit and an alternative currency revolving sub-limit equal to 50% of the revolving commitments thereunder. The Credit Facility may be borrowed by any Borrower, with each Borrower jointly and severally liable for the outstanding borrowings. Borrowings under the Fifth Amended and Restated Credit Agreement bear interest at either the alternate base rate (such rate, the “ABR Rate”) or a London Inter-bank Offered Rate (“LIBOR”)-based rate (or the applicable non-U.S. Dollar equivalent rate) (such rate, the “Term Benchmark/RFR Rate”) at the applicable Borrower’s election in each case plus a margin. Borrowings that are ABR Rate loans will bear interest at a per annum rate equal to the base rate plus a margin that varies between 0.25% and 0.625% depending on the Borrowers’ combined ratio of consolidated total debt to consolidated EBITDA (the “consolidated leverage ratio”). Borrowings that are Term Benchmark/RFR Rate loans will bear interest at a per annum rate equal to the applicable rate plus a margin that varies between 1.25% and 1.625% depending on the Borrowers’ consolidated leverage ratio. Each loan may be prepaid at any time and from time to time without penalty, other than customary breakage costs. No mandatory prepayments will be required other than when borrowings and letter of credit usage exceed availability; provided that, if QVC Global or any other borrower under the Credit Facility (other than QVC) is removed, at the election of QVC, as a borrower thereunder, all of its loans must be repaid and its letters of credit are terminated or cash collateralized. Any amounts prepaid on the Credit Facility may be reborrowed. ​ On June 20, 2023, QVC and QVC Global as borrowers, JPMorgan Chase Bank, N.A., as administrative agent, and the other parties thereto entered into an agreement whereby, in accordance with the Fifth Amended and Restated Credit Agreement, LIBOR-based rate loans denominated in U.S. dollars made on or after June 30, 2023 would be replaced with SOFR-based rate loans. Borrowings that are Secured Overnight Financing Rate (“SOFR”)-based loans will bear interest at a per annum rate equal to the applicable SOFR rate, plus a credit spread adjustment, plus a margin that varies between 1.25% and 1.625% depending on the Borrowers’ consolidated leverage ratio. ​ On April 1, 2025, CBI was removed as a borrower under the Fifth Amended and Restated Credit Agreement. CBI had no outstanding borrowings under the Fifth Amended and Restated Credit Agreement at the time of its removal from the Fifth Amended and Restated Credit Agreement. ​ The loans under the Credit Facility are scheduled to mature on October 27, 2026. Payment of the loans may be accelerated following certain customary events of default. ​ The payment and performance of the Borrowers’ obligations under the Fifth Amended and Restated Credit Agreement are guaranteed by each of QVC’s and QVC Global’s Material Domestic Subsidiaries (as defined in the Fifth Amended and Restated Credit Agreement), if any, and certain other subsidiaries of any Borrower that such Borrower has chosen to provide guarantees. Further, the borrowings under the Fifth Amended and Restated Credit Agreement are secured, pari passu with QVC’s existing notes, by a pledge of all of QVC’s equity interests. ​ The Fifth Amended and Restated Credit Agreement contains certain affirmative and negative covenants, including certain restrictions on the Borrowers and each of their respective restricted subsidiaries (subject to certain exceptions) with respect to, among other things: incurring additional indebtedness; creating liens on property or assets; making certain loans or investments; selling or disposing of assets; paying certain dividends and other restricted payments; dissolving, consolidating or merging; entering into certain transactions with affiliates; entering into sale or leaseback transactions; restricting subsidiary distributions; and limiting the Borrowers’ consolidated leverage ratio. ​ Borrowings under the Fifth Amended and Restated Credit Agreement may be used to repay outstanding indebtedness, pay certain fees and expenses, finance working capital needs and general purposes of the Borrowers and their respective subsidiaries and make certain restricted payments and loans to the Borrowers’ respective parents and affiliates. ​ Availability under the Fifth Amended and Restated Credit Agreement at June 30, 2025 was $1,196 million, reflecting outstanding borrowings net of letters of credit. The interest rate on the Credit Facility was 6.1% and 6.9% at June 30, 2025 and 2024, respectively. In July 2025, QVC borrowed $975 million under the Fifth Amended and Restated Credit Agreement. Availability under the Fifth Amended and Restated Credit Agreement at August 1, 2025 was approximately $200 million. QVC remains in compliance with its debt covenants at June 30, 2025, and as of July 31, 2025, following the borrowing in July 2025. ​ Exchangeable Senior Debentures ​ The Company has elected to account for its exchangeable senior debentures using the fair value option. Accordingly, changes in the fair value of these instruments are recognized as unrealized gains (losses) in the statements of operations. See note 4 for information related to unrealized gains (losses) on debt measured at fair value. As of June 30, 2025 the Company’s 3.75% and 4.0% Exchangeable Debentures have been classified as current because the Company does not own shares to exchange the debentures. The Company reviews the terms of the debentures on a quarterly basis to determine whether a triggering event has occurred to require current classification of the exchangeables upon a call event. Fair Value of Debt QVC Group estimates the fair value of its debt based on the quoted market prices for the same or similar issues or on the current rate offered to QVC Group for debt of the same remaining maturities (Level 2). The QVC 6.375% Senior Secured Notes due 2067 (“2067 Notes”) and the QVC 6.25% Senior Secured Notes Due 2068 (“2068 Notes”) are traded on the New York Stock Exchange, and the Company considers them to be actively traded. As such, the 2067 Notes and 2068 Notes are valued based on their trading price (Level 1). The fair value of QVC Group's publicly traded debt securities that are not reported at fair value in the accompanying condensed consolidated balance sheet at June 30, 2025 are as follows (amounts in millions): ​
​ | ​ | ​ | ​ | ​
Senior debentures | ​ | $ | 97 | ​
QVC senior secured notes |  | $ | 871 | ​
​ Due to the variable rate nature, QVC Group believes that the carrying amount of its other debt, not discussed above, approximated fair value at June 30, 2025.

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