UPC talks downsized €414 million 12-year notes to yield 4%-4 1/8%; pricing Wednesday

By Paul A. Harris

Portland, Ore., March 31 – Amsterdam-based UPC talked a downsized tranche of approximately €414 million of 12-year senior secured notes (Ba3/BB) to yield 4% to 4 1/8%, according to a market source.

The euro-denominated notes, downsized from €600 million, are expected to price on Wednesday.

Along with the downsizing of the euro tranche, UPC upsized its concurrent tranche of senior secured notes due Jan. 15, 2025 (Ba3/BB) to $800 million from $600 million. Those notes priced at par to yield 5 3/8% late Tuesday, at the tight end of the 5 3/8% to 5½% yield talk (see related story in this issue).

For Wednesday’s euro-denominated Rule 144A and Regulation S for life offer JPMorgan, Credit Suisse, ING, Morgan Stanley, Nomura, Scotia are the joint bookrunners.

The telecommunications services company plans to use the proceeds from both the dollar- and euro-denominated notes to refinance its 7¼% dollar-denominated senior secured notes and its 6 7/8% dollar-denominated senior secured notes.

The issuing entity will be UPCB Finance IV Ltd., a special purpose vehicle of UPC Holding BV, a subsidiary of Liberty Global, providing video, broadband, internet and fixed-line telephone services in seven European countries.

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