Ropes & Gray Acts for Liberty Global Companies on Financings Totaling US$1.25 Billion

Ropes & Gray recently represented UPC Financing Partnership on a US$500 million term loan facility and represented UPCB Finance V Limited in connection with the issuance of its US$750 million 7.25% senior secured notes due 2021.

Proceeds of the US$500 million term loan facility were used to refinance existing debt. Citigroup and Goldman Sachs acted as arrangers for the deal.

The proceeds of the high yield issuance will be used to refinance existing debt and for general corporate purposes. JP Morgan acted as sole global coordinator and as joint bookrunner with Barclays Capital and Goldman Sachs. The transaction launched and priced on 8 November 2011.

“We are delighted to have assisted Liberty Global in opportunistically tapping both the bank and bond markets given current economic conditions,” said Jane Rogers, the Ropes & Gray lead partner on the high yield offering.

The high yield offering was led by Ms. Rogers, and supported by London associates Robert Haak, Eric Issadore, Michael Kazakevich and trainee solicitor Agata Zajac. The Ropes & Gray team worked with Jeremy Evans, Head Counsel Global Finance and Senior Corporate Counsel, Nina Alitalo of Liberty Global.

The firm’s London office has been involved in the following recent transactions:

• Acting for the mezzanine lenders providing €395 million of secured mezzanine debt in connection with financing and structuring the acquisition of Swedish security group, Securitas Direct AB, by Bain Capital and Hellman & Friedman.
• Acting for TPG Capital in connection with its US$560 million acquisition of a 30% stake in Saxo Bank A/S, the Danish securities and forex brokerage, and asset management firm from Banco Espirito Santo SA and General Atlantic LLC.
• Acting for Altamont Capital Management LLC on its acquisition of insurance loss adjusters McLarens Young International and Airclaims Ltd.
• Acting for Bormioli Rocco Holdings S.A. and VCP VII Luxco 6 S.A.R.L. in connection with the issuance of €250 million 10 percent senior secured notes due 2018 of Bormioli Rocco Holdings S.A.
• Acting for the Hanover Insurance Group Inc. on the financing of its acquisition of Chaucer Holdings Plc, the UK-based insurance group.
• Acting for Telenet Finance IV Luxembourg S.C.A. in connection with the issuance of its €400 million Floating Rate Senior Secured Notes due 2021.
• Acting for Liberty Global Inc. in connection with the financing for its approximate €3.16 billion acquisition (which remains subject to regulatory approval) of Germany's third-largest cable TV operator, Kabel BW Erste Beteiligungs GmbH, from Swedish private equity group EQT Partners AB.
• Acting for certain mezzanine lenders to KCA Deutag Oil Services Group, including funds managed by EIG Management Company, LLC and GoldenTree Asset Management LP, in connection with KCA’s financial restructuring.