By Paul A. Harris
Portland, Ore., April 1 – UPC priced an upsized €600 million issue of 12-year senior secured notes (Ba3/BB) at par to yield 4% on Wednesday, according to a market source.
The deal was upsized from approximately €414 million, after having been previously downsized from €600 million following the upsizing of the concurrent dollar-denominated tranche of 5 3/8% senior secured notes due Jan. 15, 2025 (Ba3/BB) to $800 million from $600 million. As reported, the dollar-denominated notes priced at par late Tuesday.
The euro-denominated 4% notes priced at the tight end of the 4% to 4 1/8% yield talk.
J.P. Morgan Securities plc, Credit Suisse Securities (Europe) Ltd., ING Bank NV, Morgan Stanley & Co. International plc, Nomura International plc and Scotiabank Europe plc were the joint bookrunners.
The telecommunications services company plans to use the proceeds from both the dollar- and euro-denominated notes to refinance its 7¼% dollar-denominated senior secured notes and its 6 7/8% dollar-denominated senior secured notes.
The issuing entity is 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.
| Issuer: | UPCB Finance IV Ltd.
|
| Amount: | €600 million, upsized from approximately €414 million
|
| Maturity: | Jan. 15, 2027
|
| Securities: | Senior secured notes
|
| Bookrunners: | J.P. Morgan Securities plc, Credit Suisse Securities (Europe) Ltd., ING Bank NV, Morgan Stanley & Co. International plc, Nomura International plc, Scotiabank Europe plc
|
| Coupon: | 4%
|
| Price: | Par
|
| Yield: | 4%
|
| Spread: | 373 bps
|
| First call: | Jan. 15, 2021 at 102
|
| Trade date: | April 1
|
| Settlement date: | April 15
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 4% to 4 1/8%
|
| Marketing: | Roadshow
|
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