UPC shifts funds between U.S. and euro term loans, finalizes OIDs

By Sara Rosenberg

New York, April 16 – UPC downsized its U.S. term loan B (B1/BB-/BB+) due Jan. 31, 2029 to $1.925 billion from $2 billion and upsized its euro term loan B (B1/BB-/BB+) due Jan. 31, 2029 to €862.5 million from €800 million, according to a market source.

Additionally, the original issue discount on the U.S. term loan firmed at 99, the wide end of the 99 to 99.5 talk, and the discount on the euro term loan finalized at 99.75, the tight end of the 99.5 to 99.75 talk, the source said.

Pricing on the term loans remained at Libor/Euribor plus 300 basis points with a 0% floor.

The term loan debt has 101 soft call protection for six months.

The borrower on the U.S. term loan is UPC Financing Partnership, and the borrower on the euro loan is UPC Broadband Holding BV.

BofA Securities Inc., Citigroup Global Markets Inc. and the Bank of Nova Scotia are the physical bookrunners on the U.S. loan, and BofA, BNP Paribas Securities Corp. and Scotia are the physical bookrunners on the euro loan. BofA is the sustainability arranger. Credit Suisse, Deutsche Bank Securities Inc., Goldman Sachs, ING, JPMorgan Chase Bank and Societe Generale are joint bookrunners. Scotia is the administrative agent.

Proceeds will be used with cash on the balance sheet to refinance an existing $2.6 billion term loan B due 2029 and an existing €800 million term loan B due 2029 priced at Libor/Euribor plus 350 bps.

UPC, a subsidiary of Liberty Global, is a provider of video, broadband internet, fixed-line telephony and mobile communications services to customers in Switzerland, Poland and Slovakia.

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