UPC doubles up on dozen year deals in euro HY market

telecomms new px230
By Victor Jimenez
14 Jun 2017

Swiss telecoms UPC Holding, a Liberty Global subsidiary, brought its second 12 year bond offering on Wednesday, the longest maturity sold in the European high yield market so far this year.

The borrower paid almost no new issue premium after pricing in line with initial price thoughts of 3.625%, according to some syndicate bankers.

UPC sold €600m of 12 year senior secured bonds with expected ratings of Ba3/BB-/BB-. Credit Suisse was lead left, with bookrunners BNP ...

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