Dutch cableco UPC issued E750m in senior secured notes on 31 January through special purpose financing company UPCB Finance II, according to an SEC filing.
The proceeds of the 6.375% notes, which mature on 1 July 2020, will be used to prepay existing…
Dutch cableco UPC issued E750m in senior secured notes on 31 January through special purpose financing company UPCB Finance II, according to an SEC filing.
The proceeds of the 6.375% notes, which mature on 1 July 2020, will be used to prepay existing debt.
They are non-callable until 1 July 2015, when they will carry a redemption price at 103.188%. The redemption price will be 102.125% in 2016, 101.063% in 2017 and 100% in 2018 and thereafter.
According to UPC, a subsidiary of US giant Liberty Global, the initial purchasers of the notes were Credit Suisse, BNP Paribas, Barclays Capital, Citi, Crédit Agricole CIB, Deutsche Bank, HSBC, ING, Morgan Stanley and RBS.
Ratings agency Moody’s has rated the issue at Ba3.
