Pan-European cableco UPC Holding has priced a €737m (US$957m) dual-tranche bond denominated in euros and in Swiss francs.
Both tranche’s comprise 10-year notes which carry a coupon of 6.75%, and both priced at par. The first €450m portion was…
Pan-European cableco UPC Holding has priced a €737m (US$957m) dual-tranche bond denominated in euros and in Swiss francs.
Both tranche’s comprise 10-year notes which carry a coupon of 6.75%, and both priced at par. The first €450m portion was issued at a spread of 539 basis points over the 1.5% February 2013 German Bund.
The SFr350m (€287m) tranche has a spread of 605 basis points over the 4% February 2023 Swiss government bond.
Its US parent Liberty Global said proceeds will be used to refinance its existing euro 8% and 9.75% notes due 2016 and 2018.
Credit Suisse and Morgan Stanley were global coordinators and joint bookrunners were ABN Amro, Credit Agricole, Nomura, RBS, Societe Generale and UBS.
UPC operates across Europe with units in Austria, Czech Republic, Germany, Hungary, Ireland, Netherlands, Poland, Romania, Slovakia and Switzerland. Last year it generated €4.27bn in revenues and had a total debt to EBITDA ratio of 4.66x.
