Moody's assigns UPC notes B1

Moody's Investors Service said it assigned a B1 rating to UPC Broadband Finco BV’s new $1.25 billion senior secured notes due 2031.

“The B1 instrument rating assigned to the new senior secured notes due 2031 reflects their pari passu ranking with senior secured bank credit facilities and other senior secured notes, rated B1, but behind liabilities at the operating subsidiaries, including trade payables, pension obligations and lease rejection claims, which have been ranked highest in order of priority,” Moody’s said in a press release.

The proceeds will be lent to UPC Financing Partnership, a subsidiary of UPC Holding BV in the form of a new dollar-denominated finco loan under the existing UPC credit facility.

UPC Financing Partnership will then use the loan proceeds to refinance the €600 million of senior secured notes due 2027 issued by UPCB Finance IV Ltd., of which a total of €540 million remains outstanding as of Dec. 31, and for general corporate and/or working capital purposes of the UPC group, including the repayment of other senior secured indebtedness.

The outlook is stable.

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