Ziggo upsizes U.S. and euro term loans, cuts spread on U.S. tranche

By Sara Rosenberg

New York, Jan. 26 – Ziggo upsized its U.S. term loan E to $2,525,000,000 from $1.05 billion and its euro term loan F to €2.25 billion from €500 million, according to a market source.

Also, pricing on the term loan E was lowered to Libor plus 250 basis points from talk of Libor plus 275 bps to 300 bps, the source said.

The term loan E still has no floor and an original issue discount of 99.5.

Pricing on the term loan F firmed in line with talk at Euribor plus 300 bps with no floor and a discount of 99.75.

Both term loans have 101 soft call protection for six months.

J.P. Morgan Securities LLC is the bookrunner on the deal, and Scotiabank is the administrative agent.

The deal allocated on Wednesday, and upon breaking for trading late in the day, the U.S. term loan E was quoted at par 3/8 bid, par ½ offered, the source added.

Proceeds will be used to refinance existing debt.

Ziggo is an Utrecht, the Netherlands-based television, internet and telephone services provider.

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