Chemical backs QVC deal

Chemical Bank will co-arrange a $ 3 billion credit agreement inked Friday that will help fund QVC Network Inc.’s bid for Paramount Communications Inc.

In a filing with the Securities and Exchange Commission, QVC said that the pact consists of $ 2 billion of term loan facility and $ 1 billion of revolving credit.

In addition, Chemical Bank will make available up to $ 25 million in a “swingline facility” at the time of the second step merger. The agreement adds that at no time can the aggregate of the revolving loans and the swingline loans exceed $ 1 billion.

The swingline loans will be made available the same day as a borrowing notice is received and may be used for general corporate and working capital requirements.

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