Liberty Media sets price ranges for UPC note tender

New York, Oct. 10 - Liberty Media Corp. announced price ranges for its tender offer to buy notes of United Pan-Europe Communications NV. The maximum being offered for any note is 19 cents per dollar principal amount.

Like other recent bond buybacks by telecommunications companies, Liberty Media is conducting the tender through a modified dutch auction.

The purchases will be made by Liberty's wholly owned subsidiary Liberty UPC Bonds, Inc.

The price ranges at which bids will be accepted and the maximum Liberty is proposing to buy are as follows (prices are per $100 principal at maturity):

Maximum Price Ranges

Series of Notes Principal Amount (per $100)

10 7/8% dollar senior notes due 2007 $60 million $11 - $19

10 7/8% euro senior notes due 2007 €30 million €10 - €17

10 7/8% dollar senior notes due 2009 $240 million $11 - $19

10 7/8% euro senior notes due 2009 €90 million €10 - €17

12½% dollar senior discount notes due 2009 $220.5 million $6 - $14

11¼% dollar senior notes due 2009 $75.6 million $11 - $19

11¼% euro senior notes due 2009 €30.3 million €10 - €17

13 3/8% dollar senior discount due 2009 $143.4 million $6 - $14

13 3/8% euro senior discount due 2009 €57.3 million €6 - €13

11¼% dollar senior notes due 2010 $180 million $11 - $19

11¼% euro senior notes due 2010 €60 million €10 - €17

11½% dollar senior notes due 2010 $90 million $11 - $19

13¾% dollar senior discount due 2010 $300 million $6 - $14

Under the auction procedure, all notes will be bought at the same price. The tender is conditional on at least 30% of all series of notes being tendered.

Expiration is 11:59 p.m. ET on Nov. 6 unless extended.

Salomon Smith Barney, Inc. is acting as dealer manager for and the depositary and information agent is Mellon Investor Services LLC.

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