UPC to price $550 million 10-year senior notes in Friday drive-by

By Paul A. Harris

Portland, Ore., Oct. 13 – UPC Holding BV plans to price $550 million of 10-year senior notes (expected ratings B2/B/B) on Friday, according to a syndicate source.

The deal was set to be marketed by means of an investor dial-in roadshow.

Citigroup Global Markets Inc. is the global coordinator for the Rule 144A and Regulation S for life offering. Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan, Bank of Nova Scotia and SG CIB are the joint bookrunners.

The notes become callable after three years at par plus 50% of the coupon and feature a 40% equity clawback and a 101% poison put.

The Schiphol-Rijk, Netherlands-based telecom, a subsidiary of Liberty Global, plans to use the proceeds to refinance existing 6¾% euro- and Swiss franc-denominated senior notes due 2023.

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