UPC plans secured notes in €600 million and $600 million tranches; pricing Wednesday

By Paul A. Harris

Portland, Ore., March 31 – Amsterdam-based UPC plans to price senior secured notes (expected ratings Ba3/BB) in a benchmark dual-currency transaction slated for Wednesday, according to a market source.

Investor calls were scheduled to take place on Tuesday.

The Rule 144A and Regulation S deal features €600 million of 12-year notes with six years of call protection and $600 million of 10-year notes with five years of call protection.

Yield guidance on the euro-denominated notes is in the low 4s, according to a trader, who added that the dollar-denominated notes are guided in the 5½% area.

Joint bookrunner JPMorgan will bill and deliver. Credit Suisse, ING, Morgan Stanley, Nomura and Scotia are also joint bookrunners.

The telecommunications services company plans to use the proceeds to refinance its 7¼% dollar-denominated senior secured notes and its 6 7/8% dollar-denominated senior secured notes.

The issuing entity will be UPCB Finance IV Ltd., a special purpose vehicle of UPC Holding BV, a subsidiary of Liberty Global, providing video, broadband, internet and fixed-line telephone services in seven European countries.

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