Business news in brief

September 04, 2010

In the Region

QVC refinances credit facility

QVC Inc. refinanced its credit facility with a new revolving line of credit of as much as $2 billion. The West Chester home-shopping channel, which is owned by Liberty Media Corp., Englewood, Colo., immediately drew $1.83 billion at closing, Liberty Media said Thursday in a release. The new maturity date of 2015 replaces the credit facilities that were to expire between 2011 and 2014, while reducing the weighted average rate. "The new facilities enhance QVC's credit profile and further strengthen its balance sheet by providing additional financial flexibility and liquidity," said Greg Maffei, president and CEO of Liberty. - Roslyn Rudolph

Story continues below.

Center receives $300K grant

The Delaware Valley Industrial Resource Center, Philadelphia, has received a $300,000 National Science Foundation grant to explore development of a digital map showing where the region's STEM (science, technology, engineering, and math) operations are located and what each does. The goal would be to help users identify those assets and determine how to use them. The center is a nonprofit economic development group. - Paul Schweizer

Dispute continues with McCord brief

Pennsylvania State Treasurer Rob McCord filed a brief in his lawsuit against the Pennsylvania Gaming Control Board. McCord had sued the state gambling board May 11, contending it was intentionally keeping him out of its closed-door executive sessions and refusing to share confidential information. On Aug. 5, the gaming board filed a response, arguing to keep McCord out of such meetings and throw out the case. McCord's brief reiterates the merits of his case and for the court not to throw it out, McCord's senior adviser, Corinna V. Wilson, indicated Friday. Under state law, the treasurer is a nonvoting member of the board that regulates Pennsylvania's gambling industry. McCord says his presence at the meetings offers "independent oversight." The gaming board contends that, as a nonvoting member, he does not have a right to attend. - Suzette Parmley

No comment on Paulsboro reports

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