UPC Holdings to price upsized $605 million equivalent two-part dollar/euro deal on Thursday

By Paul A. Harris

St. Louis, May 20 - UPC Holdings BV plans to price $605 million equivalent of senior unsecured notes in two tranches on Thursday, according to an informed source.

The deal that was initially announced featured $400 million of nine-year notes, talked with a 9 7/8% coupon and a yield of 11¼%.

Later Wednesday the company announced it also plans to sell a €150 million add-on to its 9¾% senior unsecured notes due 2018.

Credit Suisse Securities, BNP Paribas Securities Corp., J.P. Morgan Securities Inc. and Morgan Stanley & Co. Inc. are joint bookrunners for the Rule 144A and Regulation S for life offerings. HSBC Securities is a co-manager.

Proceeds will be used for general corporate purposes.

UPC priced €65.6 million of the 9¾% senior notes due April 2018 at a discount of 16½%. That deal settled on April 30. Those notes were an add-on to a new issue of notes, which figured in an exchange offer involving the company's 7¾% senior notes due 2014 and its 8 5/8% senior notes due 2014.

UPC is a wholly owned Europe-focused subsidiary of Englewood, Colo.-based Liberty Global, Inc., a provider of video, voice and broadband internet services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.