UPC Broadband flexes $1.3 billion term loan AH to Libor plus 250 bps

By Sara Rosenberg

New York, April 17 - UPC Broadband sized its term loan AH due June 21 at roughly $1.3 billion, the high end of the $400 million to about $1.3 billion amount given at launch, and trimmed pricing to Libor plus 250 basis points from Libor plus 275 bps, according to a market source.

As before, the loan has a 0.75% Libor floor, an original issue discount of 99¾ and 101 soft call protection for one year.

Recommitments were due at 3 p.m. ET on Wednesday, the source said.

Scotia Capital (USA) Inc. and Nomura are leading the deal.

Proceeds will be used to refinance term loan T and term loan X borrowings, which currently total about $1.3 billion, meaning all of this debt will be taken out. The term loan T due December 2016 and the term loan X due December 2017 are both priced at Libor plus 350 bps with no Libor floor.

UPC is a subsidiary of Liberty Global, an Englewood, Colo.-based provider of video, voice and broadband internet services.

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