UGC Completes Partial Refinancing12/06/2004 10:04 AM Eastern
UnitedGlobalCom Inc. said Monday that it has completed a partial refinancing of its European bank deal.
The MSO said its new 537 million-euro ($719.9 million) seven year institutional tranche will increase its average debt maturity, increase available liquidity and reduce its average interest margin.
UGC said net proceeds will be used to repay all outstanding amounts under the company's facility-A revolver, thus providing available liquidity under facility A of approximately 667 million euros ($894 million); to repay approximately 102 million euros ($136.7 million) of a portion of the term loan facility B that matures in June 2006; and to prepay 178 million euros ($238.6 million) of facility-C debt, which has a higher interest margin.
“This partial refinancing of our European debt facilities demonstrates our success in broadening investor appetite for UGC debt securities,” CEO Mike Fries said in a prepared statement.