UPC Holding to repay term loan AR with sale of UPC Switzerland

By Sara Rosenberg

New York, Feb. 27 – UPC Holding expects to repay its term loan AR in full at or prior to closing of the sale of UPC Switzerland to Sunrise Communications Group AG, according to a news release.

At Dec. 31, the term loan AR had about $1.6 billion outstanding.

UPC Switzerland is being sold by parent company Liberty Global plc for a total enterprise value of CHF 6.3 billion.

Sunrise will acquire the business inclusive of UPC Holding’s existing senior and senior secured notes and associated derivatives and certain other debt items, which have an aggregate value equal to about CHF 3.7 billion at Dec. 31. As the transaction is structured, a change of control will not be triggered under the notes.

Closing of the sale is expected prior to year-end, subject to regulatory approval.

Liberty Global, a television and broadband company, plans to use the net proceeds from the sale for general corporate purposes.

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