By Paul A. Harris
Portland, Ore., June 14 – UPC Broadband Holding subsidiary UPCB Finance VII Ltd. launched and priced a €600 million issue of 12-year senior secured notes (expected ratings Ba3/BB/BB) at par to yield 3 5/8% on Wednesday, according to a market source.
Credit Suisse was the lead left bookrunner. BNP Paribas, Goldman Sachs International, ING and SG CIB were the joint bookrunners.
Proceeds will be used to refinance an existing euro-denominated term loan due 2026.
The secured deal came just one week after UPC Holding priced a €635 million issue of 3 7/8% senior unsecured notes due June 15, 2029 at par, on June 7.
UPCB Finance VII is a Cayman Islands-based special purpose vehicle.
UPC is a Schiphol-Rijk, Netherlands-based provider of video, broadband internet and fixed-line telephone services in Switzerland and Austria, and in the central and eastern European countries of Poland, Hungary, Romania, Czech Republic and Slovakia.
| Issuer: | UPCB Finance VII Ltd.
|
| Amount: | €600 million
|
| Maturity: | June 15, 2029
|
| Securities: | Senior secured notes
|
| Left bookrunner: | Credit Suisse
|
| Joint bookrunners: | BNP Paribas, Goldman Sachs International, ING, SG CIB
|
| Coupon: | 3 5/8%
|
| Price: | Par
|
| Yield: | 3 5/8%
|
| Call protection: | Five years
|
| Trade date: | June 14
|
| Expected ratings: | Moody's: Ba3
|
| S&P: BB
|
| Fitch: BB
|
| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Quick to market
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
