European cableco UPC has issued €600m in senior notes due 2022.
The issue was led by Credit Suisse, with Barclays, Credit Agricole and Deutsche Bank acting as joint bookrunners, according to a company spokesman.
It has a 6.375 coupon and was issued…
European cableco UPC has issued €600m in senior notes due 2022.
The issue was led by Credit Suisse, with Barclays, Credit Agricole and Deutsche Bank acting as joint bookrunners, according to a company spokesman.
It has a 6.375 coupon and was issued at 99.
The notes, which will raise the company’s total debt to annualised EBITDA ratio by around 0.3x to 4.98x, were rated B2 by Moody’s.
The ratings agency said its grade reflected the fact that the notes were subordinated to existing debt. They are also secured against a pledge of UPC shares.
Moody’s added: “The agency would expect UPC to de-leverage with further EBITDA growth such that it can continue to maintain adequate headroom under its financial covenants going forward.”
UPC is owned by Liberty Global.
