Germany's Unitymedia sets price talk for upsized three-part euro-, dollar-denominated notes

By Paul A. Harris

St. Louis, Nov. 16 - Unitymedia set price talk on Monday for its upsized three-part euro- and dollar-denominated note offering, according to an informed source.

The upsized Unitymedia Hessen GmbH €1.95 billion equivalent of eight-year senior secured notes (B1/BB-), expected to come in tranches of €1.4 billion and $825 million, are talked at the 8½% area. The eight-year notes will become callable in three years at par plus the full coupon. The dollar-denominated tranche was upsized from $750 million. The overall size of the secured portion of the deal was upsized from €1.90 billion.

The upsized Unitymedia GmbH €650 million of 10-year senior unsecured notes (B3/B-) are talked at the 10% area. The 10-year notes become callable in five years at par plus half the coupon. The unsecured notes tranche was upsized from €600 million

Both tranches are expected to price at discounts of between 1½ points and 2½ points.

Pricing is set for Tuesday morning, London time.

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

Proceeds will be used to help finance the acquisition of the German cable firm by Liberty Global in a transaction valued at $2.98 billion.

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