New Issue: UPC prices $550 million 10-year notes at par to yield 5½%

By Paul A. Harris

Portland, Ore., Oct. 13 – UPC Holding BV priced a $550 million issue of 10-year senior notes (B2/B/B) at par to yield 5½% on Friday, according to a syndicate source.

The yield printed on top of yield talk in the 5½% area.

Citigroup Global Markets Inc. was the global coordinator for the Rule 144A and Regulation S for life offering. Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan, Bank of Nova Scotia and SG CIB were the joint bookrunners.

The Schiphol-Rijk, Netherlands-based telecom, a subsidiary of Liberty Global, plans to use the proceeds to refinance existing 6¾% euro- and Swiss franc-denominated senior notes due 2023.

Issuer:	UPC Holding BV
Amount:	$550 million
Maturity:	Jan. 15, 2028
Securities:	Senior notes
Global coordinator:	Citigroup
Joint bookrunners:	Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan, Bank of Nova Scotia, SG
Coupon:	5½%
Price:	Par
Yield:	5½%
Spread:	323 bps
Call protection:	Five years
Trade date:	Oct. 13
Settlement date:	Oct. 18
Ratings:	Moody's: B2
	S&P: B
	Fitch: B
Distribution:	Rule 144A and Regulation S for life
Price talk:	5½% area
Marketing:	Quick to market

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