Liberty’s UPC Broadband amends credit facility to allow for increases

By Angela McDaniels

Tacoma, Wash., Dec. 23 – Liberty Global plc subsidiary UPC Broadband Holding BV amended and restated its senior secured credit facility agreement on Dec. 19 to provide for the ability to increase commitments, according to an 8-K filing with the Securities and Exchange Commission.

The credit agreement was also amended

• To allow UPC Broadband Holding to replace some non-consenting lenders in certain circumstances and subject to ensuring that such lenders’ commitments are acquired at par;

• To add standard defaulting lender provisions;

• To permit UPC Broadband Holding to incur and secure financial debt on a second-lien ranking basis, provided that the ratio of total debt to annualized EBITDA on a pro forma basis would not be greater than 5.5 times and provided that the rights of the holders of such financial debt are subordinated to the rights of the lenders under the amended credit agreement;

• To delete maintenance covenants requiring that certain senior net debt and total net debt ratio levels are maintained and replace those covenants with a springing maintenance covenant requiring that senior net debt to annualized EBITDA will not exceed 4.75 times, which will be tested when the aggregate of the loans and letters of credit (other than letters of credit that are cash collateralized or undrawn) outstanding under the revolving facilities and the net debt under each ancillary facility exceeds an amount equal to one-third of the aggregate of the total commitments under the revolving facilities and each ancillary facility; and

• To make certain non-financial covenant changes, administrative changes and widen the scope of certain carve outs to negative covenants.

Bank of Nova Scotia is the facility agent.

Liberty Global is a telecommunications company based in London.

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