Liberty Global has closed a rare $1.2 billion new-money bank
and high yield bond financing utilising an accordion facility
and a novel special purpose vehicle (SPV) structure to allow it
to launch in tight issuance windows.
The bank piece, which was completed a few weeks before the
bond piece, consisted of a $500 million underwritten term-loan
bullet facility and shared pari with the
existing senior debt.
UPC Financing Partnership, the borrowing entity, had a
10-year-old accordion facility in place to allow it to bring in
tranches quickly to sit into the existing bank structure.
"The debt accordion...