UPC Broadband lenders roll €1.08 billion commitments into term loans

By Angela McDaniels

Tacoma, Wash., May 16 - UPC Broadband Holding BV upsized its term loan facility AE and rolled some commitments into a new redrawable term loan facility, according to an 8-K filing with the Securities and Exchange Commission.

The increase was accomplished through a new additional facility accession agreement under the company's senior secured bank facility.

Under that agreement, the existing term loan facility AE was upsized by a facility R and W lender agreeing to roll each of its existing drawn facility R and undrawn facility W commitments into a new term loan facility (facility AE1) in an aggregate principal amount of €66.9 million, of which €31.9 million of cash consideration was paid by the rolling lender.

On Tuesday, the rolling lender novated €35.0 million of its facility R commitment and €31.9 million of its facility W commitment under the UPC Broadband Holding bank facility to Liberty Global Services BV, a subsidiary of UPC Broadband Holding.

Liberty Global Services, the initial lender under the additional facility AE1 accession agreement, novated its facility AE1 commitment to the rolling lender.

The final maturity date for facility AE1 is Dec. 31, 2019, and the interest rate is Euribor plus 375 basis points.

Additional facility AI

Also on Tuesday, the existing redrawable term loan facility AA lenders and the existing redrawable term loan facility W lenders agreed to roll existing facility W and facility AA commitments, respectively, into a new redrawable term loan facility (facility AI) in an aggregate principal amount of €1,016,200,000.

The rolling lenders acceded to facility AI by entering into an additional facility AI accession agreement, and the commitments under facility W and facility AA were canceled on Tuesday.

The final maturity date for facility AI is April 30, 2019. The interest rate is Euribor plus 325 bps, and the commitment fee is 1.3%.

Facility AI may be increased by entering into one or more additional facility accession agreements.

UPC Broadband Holding is an indirect subsidiary of Liberty Global, Inc., an Englewood, Colo.-based provider of video, broadband internet and telephony services. Through UPC, Liberty provides services in nine European countries and in Chile.

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