Liberty Global’s UPC launches refinancing after failed Sunrise merger
UPC, part of Liberty Global’s European telecoms empire, is marketing dollar and euro term loan ‘B’s to pay off a $1.14bn issue of 5.375% senior secured notes. The refinancing comes only a few months after Sunrise cancelled its takeover of UPC’s Swiss business — to the disappointed of Liberty.
The new loans will have long maturities — nine years for the euro tranche and eight years for the dollar tranche. The sizes have yet to be disclosed.The euro tranche is targeting pricing of 250bp over Euribor at a 99.75 OID, while the dollar tranche is aiming ...
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