UGC Completes Refinancing of VTR's Bank Debt
December 17 2004 - 6:04PM
PR Newswire (US)
UGC Completes Refinancing of VTR's Bank Debt DENVER, Dec. 17
/PRNewswire-FirstCall/ -- UnitedGlobalCom, Inc. ("UGC" or "the
Company") (NASDAQ:UCOMA) announced that its subsidiary, VTR
GlobalCom S.A. ("VTR"), has completed the refinancing of its
existing dollar bank loan with a new Chilean Peso bank loan of
ChP54,767.5 million (equivalent to US$95 million) with a final
maturity in December 2011 ("Peso Loan"). The Peso Loan will
increase VTR's average debt maturity, reduce the average interest
margin and eliminate foreign exchange risk associated with VTR's
borrowings. Net proceeds will be applied to prepay all outstanding
amounts under the existing bank loan of approximately $84 million,
prepay approximately $4.6 million of a working capital line of
credit and the balance will be available for general corporate
purposes. About UnitedGlobalCom UGC is a leading international
provider of video, voice, and broadband Internet services with
operations in 14 countries, including 11 countries in Europe. Based
on the Company's operating statistics at September 30, 2004, UGC's
networks reached approximately 15.5 million homes passed and served
over 11.1 million RGUs, including approximately 9.1 million video
subscribers, 761,000 telephone subscribers and 1.3 million
broadband Internet subscribers. Forward-Looking Statements: Except
for historical information contained herein, this press release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, including the
assumed annual interest savings as a result of the refinancing at a
lower interest rate. These forward looking statements involve
certain risks and uncertainties that could cause actual results to
differ materially from those expressed or implied by these
statements, including future changes in interest rates that affect
the Company's credit facilities with floating interest rates. These
forward-looking statements speak only as of the date of this
release. The Company expressly disclaims any obligation or
undertaking to disseminate any updates or revisions to any
forward-looking statement contained herein to reflect any change in
the Company's expectations with regard thereto or any change in
events, conditions or circumstances on which any such statement is
based. Please visit http://www.unitedglobal.com/ for further
information. DATASOURCE: UnitedGlobalCom, Inc. CONTACT: Richard
S.L. Abbott, Investor Relations - UGC, +1-303-220-6682, , or Claire
Appleby, Investor Relations - Europe, +44 20 7 838 2004, , or Bert
Holtkamp, Corporate Communications - UGC Europe, + 31 (0) 20 778
9447, , all of UnitedGlobalCom, Inc. Web site:
http://www.unitedglobal.com/
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