Multinational cableco Liberty Global has said it is studying options for its two Latin American businesses and planned a new note issue.
In an SEC filing, Liberty said it was considering spinning off its 80% stake in Chilean telco VTR and its 60% stake…
Multinational cableco Liberty Global has said it is studying options for its two Latin American businesses and planned a new note issue.
In an SEC filing, Liberty said it was considering spinning off its 80% stake in Chilean telco VTR and its 60% stake in Puerto Rican triple-play operator Liberty Cablevision, although no decision had been taken yet.
The London-headquartered cableco said that VTR would be separated from its main credit pool and given its own financing vehicle. As part of this reorganisation, VTR will start issuing two series of notes due 2022 and 2024 today to repay a number of credit facilities connected to Liberty’s main credit pool. VTR is looking to raise US$1.4bn from this offering.
Both VTR and the Puerto Rican business are outliers in Liberty’s portfolio, which is centred in Western Europe.
In November 2012 Liberty’s co-CFO Charles Bracken commented on the future of VTR by saying “I think longer term it may fit better with somebody else, but we’re in no rush and there’s no immediate plans”.
