Liberty Global’s German subsidiary Unitymedia is issuing €500m of high-yield notes.
Credit Suisse, JP Morgan and RBS are lead managers on the bond offering, which priced at par to yield 3.5%.
The notes could receive a rating of Ba3 from Moody’s,…
Liberty Global’s German subsidiary Unitymedia is issuing €500m of high-yield notes.
Credit Suisse, JP Morgan and RBS are lead managers on the bond offering, which priced at par to yield 3.5%.
The notes could receive a rating of Ba3 from Moody’s, three notches below investment grade and in line with its corporate rating, according to a Reuters report.
Unitymedia, wholly-owned by Liberty Global, said the notes will be listed on the Luxembourg stock exchange and are due to mature in 2027.
The refinancing transaction follows Liberty Global reaching a settlement with two German operators which objected to its 2011 takeover of Kabel BW, now merged into Unitymedia. Its rivals had wanted the regulator to impose stricter remedies on the tie-up.
Unitymedia last tapped the bond markets in December when it priced a multi-currency high-yield bond, again to refinance existing debt.