New Issue: Universal City $500 million seven-year notes yield 12%

By Paul A. Harris

St. Louis, March 21 - Universal City Development Partners priced an offering of $500 million of 11¾% senior notes due April 1, 2010 (B2/B-) at 98.834 on Friday to yield 12%, according to a syndicate source.

Price talk was for a yield of 11¾%-12%.

JP Morgan and Banc of America Securities were joint bookrunners. Credit Suisse First Boston, Scotia Capital and Wachovia Securities were co-managers.

Proceeds from the Rule 144A notes will be used to repay debt.

The issuer is an entertainment firm based in Orlando, Fla.

Issuer:	Universal City Development Partners
Amount:	$500 million
Maturity:	April 1, 2010
Security description:	Senior notes
Bookrunners:	JP Morgan, Banc of America Securities (joint)
Co-manager:	Credit Suisse First Boston, Scotia Capital, Wachovia Securities
Coupon:	11¾%
Price:	98.834
Yield:	12%
Call features:	Callable on April 1, 2007 at 105.875, then at 102.398, declining to par on April 1, 2009 and thereafter
Equity clawback:	Until April 1, 2006 for 35% at 111.75
Settlement date:	March 28, 2003
Ratings:	Moody's: B2
	Standard & Poor's: B-
Rule 144A Cusip:	913405AA4
Price talk:	11¾%-12%

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