By Paul A. Harris
Portland, Ore., Nov. 8 - Netherlands-based UPCB Finance V priced an upsized $750 million issue of 10-year senior secured notes (Ba3/B+/) at par to yield 7¼% on Tuesday, according to market sources.
The yield printed at the tight end of the 7¼% to 7½% price talk.
JPMorgan, Barclays and Goldman Sachs were the joint bookrunners for the quick-to-market deal, which was upsized from $500 million.
The issuer, a subsidiary of UPC Netherlands, plans to use the proceeds to repay revolver debt.
The ultimate parent of the Amsterdam-based media services provider is Liberty Global.
| Issuer: | UPCB Finance V
|
| Amount: | $750 million, increased from $500 million
|
| Maturity: | Nov. 15, 2021
|
| Securities: | Senior secured notes
|
| Bookrunners: | JPMorgan, Barclays, Goldman Sachs
|
| Coupon: | 7¼%
|
| Price: | Par
|
| Yield: | 7¼%
|
| Spread: | 522 bps
|
| Call protection: | Five years
|
| Trade date: | Nov. 8
|
| Settlement date: | Nov. 16
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A for life
|
| Price talk: | 7¼% to 7½%
|
| Marketing: | Quick to market
|
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