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UPC Broadband euro term loan repricings to launch Wednesday
By Sara Rosenberg
New York, Feb. 12 - UPC Broadband Holding BV is scheduled to launch on Wednesday a repricing of its European term loans, according to a market source.
TD Securities, JPMorgan and BNP Paribas are the lead banks on the deal.
Under the repricing proposal, the spread on the company's €1.7 billion term loan, €227 million term loan, CHF618 million term loan and CHF353 million term loan will be reduced to Euribor plus 200 basis points from Euribor plus 225 bps, the source said.
Pricing on the company's U.S. term loan will remain unchanged at Libor plus 200 bps.
"The intent is to bring the euro term loans to parity with USD term loans," the source explained. "Over the last year or so, the premium on euro term loans over USD term loans has consistently been eroded, and [this is] just conforming to that."
UPC Broadband is the Netherlands-based broadband company owned by Liberty Global Inc.
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