Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers U > Headlines for UnitedGlobalCom, Inc. > News item |
UPC Distribution €400 million term loan F launches
By Sara Rosenberg
New York, Oct. 19 - UPC Distribution Holding BV, a wholly owned subsidiary of UnitedGlobalCom Inc., launched its €400 million term loan F due Dec. 31, 2011 on Tuesday afternoon, according to a market source. TD Securities Inc. and BNP Paribas are the lead arrangers and bookrunners on the deal, with TD listed on the left.
The term loan F, which is being obtained under the company's existing €1.072 billion senior secured credit facility, will be comprised of a euro tranche and a U.S. tranche. However, the breakdown of euro and U.S. tranche sizes hasn't been finalized since it will be based on demand, the source explained, adding that so far, investor reaction seems to be positive as some "early tickets" have already come in on the deal.
The euro tranche will carry an interest rate of Libor plus 400 basis points with a stepdown to Libor plus 325 basis points if senior debt to EBITDA falls below 3.50-to-1, and the U.S. tranche will carry an interest rate of Libor plus 350 basis points with a stepdown to Libor plus 300 basis points if senior debt to EBITDA falls below 3.50-to-1.
Proceeds can be used to prepay some, or all, of the existing term loan B and/or term loan C, repay revolver A borrowings that were or would be used for acquisitions, and/or finance an additional permitted acquisition.
UPC is the subsidiary that holds and operates Denver-based UnitedGlobalCom's broadband network business in 11 European countries.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.