Bloomberg News
NEW YORK - Chase Manhattan Corp. and TD Securities Inc. last week began offering U.S. investors a $500 million term loan that forms part of $3.6 billion in loans for United Pan-European Communications NV.
Amsterdam-based UPC, Europe's second-largest cable television company, said in May that it had secured the eight-year and 8.75-year loans to refinance existing bank debt and introduce Internet and phone services on cable networks the company already owns in Europe.
UPC carved out a $500 million, 8.75-year term loan to sell in the United States and tap into a growing pool of institutional investors, such as mutual funds and insurance, which invest in loans for junk-rated companies. Investors said it would take a while to get comfortable with the credit, since UPC operates mainly in Europe.
