UPC Broadband, UPC Financing get €503 million in new term loan debt

By Sara Rosenberg

New York, March 26 - UPC Broadband Holding BV closed on a new €267 million term loan Q and UPC Financing Partnership closed on a new €236 million term loan R, according to an 8-K filed with the Securities and Exchange Commission on Thursday.

Toronto Dominion acted as the agent on both deals, which were completed on March 25.

The term loan Q due July 31, 2014 is priced at Euribor plus 275 basis points and the term loan R due Dec. 31, 2015 is priced at Euribor plus 325 bps.

The term loan Q is redrawable, while the term loan R is not.

Proceeds were used to refinance €503 million of the €830 million redrawable tranche L due 2012 under the UPC Broadband Holding BV senior secured credit agreement.

UPC is a subsidiary of Liberty Global Inc., an Englewood, Colo.-based cable operator.

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