German cableco Unitymedia is set to issue dollar denominated notes with a value of US$845m. It will also issue euro denominated senior secured notes, but the size of this issue is yet to be determined.
The new debt will mature in 2023 and be used to…
German cableco Unitymedia is set to issue dollar denominated notes with a value of US$845m. It will also issue euro denominated senior secured notes, but the size of this issue is yet to be determined.
The new debt will mature in 2023 and be used to refinance existing notes, namely a US$845m bond due 2017 and parts of a €1.43bn issue due the same year.
TelecomFinance understands JP Morgan is leading the dollar refi while Deutsche Bank is leading the euro refi.
Moody’s rated the senior notes at Ba3 on the basis that the amounts tendered will replace existing debt of the same value.
Unitymedia, a subsidiary of Liberty Global, generated revenues of €1.6bn in 2011 and EBITDA of €964m.