New Issue: UPC prices €600 million 6 3/8% 10-year notes at 99.094 to yield 6½%

By Paul A. Harris

Portland, Ore., Sept. 18 - UPC Holding BV priced a €600 million issue of 6 3/8% 10-year senior notes (expected ratings B2/B-/) at 99.094 to yield 6½% on Tuesday, according to an informed source.

Credit Suisse, Barclays, Credit Agricole CIB and Deutsche Bank AG were the joint bookrunners.

Credit Suisse will bill and deliver.

The Netherlands-based broadband provider will use the proceeds for general corporate purposes.

Issuer:	UPC Holding BV
Amount:	€600 million
Maturity:	Sept. 15, 2022
Securities:	Senior notes
Bill and deliver:	Credit Suisse
Bookrunners:	Credit Suisse, Barclays, Credit Agricole CIB, Deutsche Bank AG
Coupon:	6 3/8%
Price:	99.094
Yield:	6½%
Spread:	486 bps
Call protection:	Five years
Trade date:	Sept. 18
Settlement date:	Sept. 21
Expected ratings:	Moody's: B2
	Standard & Poor's: B-
Distribution:	Rule 144A and Regulation S
Marketing:	Quick to market

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