UPC launches $2.15 billion term loan AP at Libor plus 250-275 bps

By Sara Rosenberg

New York, Jan. 27 – UPC Financing Partnership held a call on Friday to launch a $2.15 billion term loan AP due April 2025 that is talked at Libor plus 250 basis points to 275 bps with no Libor floor and an original issue discount of 99.75, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, Nomura and Scotiabank are the bookrunners on the deal. Scotia is the administrative agent.

Proceeds will be used to refinance a term loan AN due 2024.

UPC is a subsidiary of Liberty Global, a TV and broadband company.

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