UPC Financing launches $825 million term loan at Libor plus 300 bps

By Sara Rosenberg

New York, July 25 – UPC Financing Partnership held a lender call at 11 a.m. ET on Monday to launch an $825 million eight-year covenant-light term loan AN that is talked at Libor plus 300 basis points with no floor and an original issue discount of 99 to 99.5, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Bank of America Merrill Lynch and Citigroup Global Markets Inc. are the global coordinators on the deal and joint bookrunners with Scotiabank, Credit Suisse, HSBC and Nomura. Scotia is the administrative agent.

Proceeds will be used to refinance $675 million of senior secured notes due 2021 and $75 million of senior secured notes due 2022.

Commitments are due at 2 p.m. ET on Thursday, the source added.

UPC is a subsidiary of Liberty Global, a TV and broadband company.

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