UPC Holding offers to exchange up to €200 million 7¾%, 8 5/8% notes

By Angela McDaniels

Tacoma, Wash., April 16 - Liberty Global, Inc. subsidiary UPC Holding BV began an exchange offer for its €500 million 7¾% senior notes due 2014 and €300 million 8 5/8% senior notes due 2014, according to an 8-K filing with the Securities and Exchange Commission.

The company is offering new notes due April 2018, cash and accrued interest for up to €200 million principal amount of the existing notes.

UPC Holding is offering the new notes only to non-U.S. persons outside the United States in accordance with Regulation S.

In the SEC filing, Liberty Global said it expects UPC Holding's operating cash flow for the three months ended March 31 will be flat or increase slightly as compared to the prior-year period.

Liberty Global provides video, voice, and broadband internet services primarily in Europe, Japan, and Chile. The company is based in Englewood, Colo.

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