UPC Group, an indirect subsidiary of US-based cable operator Liberty Global, has issued US$750m in senior secured notes through a special purpose vehicle, according to Standard & Poor’s.
The ratings agency said in a statement that UPCB Finance VI, a…
UPC Group, an indirect subsidiary of US-based cable operator Liberty Global, has issued US$750m in senior secured notes through a special purpose vehicle, according to Standard & Poor’s.
The ratings agency said in a statement that UPCB Finance VI, a special purpose vehicle incorporated in the Cayman Islands and owned by a charitable trust, had issued the notes. It understood that the proceeds would be passed on to the UPC Group, a Liberty subsidiary, through a back-to-back loan.
S&P assigned a B+ issue rating both to the notes and to the loan.
Liberty Global said in an email to TelecomFinance: “This relates to a bond deal we did in late Jan/early Feb at UPCB Finance VI Limited – 10 year; 6.875%; $750 mm. Continues our strategy of extending our maturity profile and taking advantage of markets when they are open.”
The lead bookrunner is JP Morgan. The other bookrunners are BNP Paribas, Credit Agricole, Citigroup, Deutsche Bank, Morgan Stanley, RBS and UBS.
