Unitymedia acquisition financing includes €2.5 billion equivalent dollar-, euro-denominated notes

By Paul A. Harris

St. Louis, Nov. 13 - Dealers rolled out €2.5 billion equivalent of junk bond financing backing the acquisition of German cable firm Unitymedia by Libery Global, according to an informed source.

Marketing of the notes began Friday and will continue on Monday. The notes are expected to price early in the Nov. 16 week.

The deal includes Unitymedia Hessen GmbH €1.9 billion equivalent of eight-year senior secured notes (B1/BB-) in tranches of €1.4 billion and $750 million. The notes will become callable in three years at par plus the full coupon.

In addition, Unitymedia GmbH is offering €600 million of 10-year senior unsecured notes (B3/B-), which become callable in five years at par plus half the coupon.

Credit Suisse, Deutsche Bank Securities, Goldman Sachs and JPMorgan are joint bookrunners for the Rule 144A and Regulation S for life offerings.

Liberty Global is acquiring Unitymedia in a transaction valued at $2.98 billion.

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