Published on 11/8/2001 in the Prospect News High Yield Daily.
Liberty Media buys $1.1 billion, €260 million UPC notes in tender
New York, Nov. 8 - Liberty Media Corp. said Wednesday it bought $1.117 billion and €261.1 million of United Pan-Europe Communications NV's notes in its modified dutch auction tender.
Based on the prices and amounts given by Liberty Media, the purchases will cost $168.4 million and €40.35 million.
In most cases, the price Liberty Media will pay is at or near the maximum it said it would accept.
Details of the purchases are as follows (principal bought is amount Liberty will purchase, offer size is maximum amount Liberty said it would buy at the original announcement, price is the amount Liberty will pay, offer range is the range of offers Liberty said it would accept):
Series of notes | Principal bought | Offer size | Price | Offer range
|
| per $1,000 | per $1,000
|
| or €1,000 | or €1,000
|
10 | 7/8% dollar sr notes due 2007 | $56,142,000 | $60 mln | $190 | $110-$190
|
10 | 7/8% euro sr notes due 2007 | €31,315,000 | €30 mln | €165 | €100-€170
|
10 | 7/8% dollar sr notes due 2009 | $200,951,000 | $240 mln | $190 | $110-$190
|
10 | 7/8% euro sr notes due 2009 | €69,870,000 | €90 mln | €170 | €100-€170
|
12½% dollar sr disc notes due 2009 | $235,200,000 | $220.5 mln | $140 | $60-$140
|
11¼% dollar sr notes due 2009 | $39,200,000 | $75.6 mln | $190 | $110-$190
|
11 ¼% euro sr notes due 2009 | €31,734,000 | €30.3 mln | €170 | €100-€170
|
13 | 3/8% dollar sr disc notes due 2009 | $149,795,000 | $143.4 mln | $70 | $60-$140
|
13 | 3/8% euro sr disc notes due 2009 | €64,656,000 | €57.3 mln | €110 | €60-€130
|
11¼% dollar sr notes due 2010 | $94,967,000 | $180 mln | $190 | $110-$190
|
11¼% euro sr notes due 2010 | €63,528,000 | €60 mln | €170 | €100-€170
|
11½% dollar sr notes due 2010 | $72,074,000 | $90 mln | $190 | $110-$190
|
13¾% dollar sr disc notes due 2010 | $307,594,000 | $300 mln | $120 | $60-$140
|
|
| In some cases, the amount accepted was increased from the offer range "in compliance with applicable law."
|
| Englewood, Colo.-based Liberty Media made the purchases through its Liberty UPC Bonds, Inc. unit.
|
| The offer expired on Nov. 6 at 11:59 p.m. ET.
|
| Holders who tendered at less than the purchase price will receive the purchase price. For two series, holders who tendered at the purchase price will have the amount accepted prorated. For the 12½% dollar-denominated senior discount notes due 2009, Liberty Media will accept 23% of the offers and for the 13 | 3/8% euro-denominated senior discount notes due 2009 Liberty will accept 96.6%.
|
| Liberty will pay the purchase price plus accrued interest through Nov. 8 to the depositary on Nov. 9.
|
| Salomon Smith Barney, Inc. was dealer manager and Mellon Investor Services LLC was depositary and information agent.
|
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End
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