European cable operator UPC Broadband has raised €1.4bn to refinance after agreeing an eight-year term loan.
The loan has an interest rate of 375 basis points over Euribor and issued at 99.75.
Proceeds will be used to refinance most of UPC’s…
European cable operator UPC Broadband has raised €1.4bn to refinance after agreeing an eight-year term loan.
The loan has an interest rate of 375 basis points over Euribor and issued at 99.75.
Proceeds will be used to refinance most of UPC’s €291m facility R due 2015, its €1.2bn facility S due 2016, and its €751m facility U due 2017.
Citigroup, RBS and Scotiabank are mandated lead arrangers.
Last week the Liberty Global-owned operator issued a €737m (US$957m) dual-tranche bond denominated in euros and in Swiss francs. The proceeds will be used to refinance its existing euro 8% notes due 2016 and its 9.75% 2018 notes, with €300m and €380.5m outstanding respectively as of UPC annual report released in February.
UPC has units in Austria, Czech Republic, Germany, Hungary, Ireland, Netherlands, Poland, Romania, Slovakia and Switzerland, which together generated €4.27bn in revenues for 2012. It also reported total debt of €18.3bn in its results giving it a total debt to EBITDA ratio of 4.66x.
