Liberty Global’s UPC launches refinancing after failed Sunrise merger

By Karoliina Liimatainen
28 Jan 2020

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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