By Paul A. Harris
Portland, Ore., April 7 – Netherland's-based UPC Broadband Finco BV priced a $1.25 billion issue of 10.25-year senior secured notes (B1/BB-/BB+) at par to yield 4 7/8% in a Wednesday drive-by, according to market sources.
Pricing on the deal widened during the time it was in the market. The yield printed at the wide end of official talk in the 4¾% area. That talk came wide to the 4 5/8% to 4¾% early guidance.
BofA Securities, Inc. was the left bookrunner.
Proceeds will be used to fund the new Finco Loan to UPC Financing, proceeds from which are intended to be used to redeem the 2027 SPE senior secured notes and for general corporate purposes including repayment of other secured debt.
The UPC Holding Group is comprised of certain subsidiaries of Liberty Global plc. They provide cable TV, Internet and telephone services to Poland, Slovakia and Switzerland, and are headquartered in Amsterdam.
| Issuer: | UPC Broadband Finco BV
|
| Amount: | $1.25 billion
|
| Maturity: | July 15, 2031
|
| Securities: | Senior secured notes
|
| Left books: | BofA Securities, Inc.
|
| Joint books: | BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, ING Financial Markets LLC, J.P. Morgan Securities LLC, Scotia Capital (USA) Inc.and SG Americas Securities LLC
|
| Coupon: | 4 7/8%
|
| Price: | Par
|
| Yield: | 4 7/8%
|
| Spread: | 321 bps
|
| First call: | July 15, 2026 at 102.438
|
| Trade date: | April 7
|
| Settlement date: | April 21
|
| Ratings: | Moody's: B1
|
| S&P: BB-
|
| Fitch: BB+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 4¾% area
|
| Marketing: | Drive-by
|
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