Attached files
| file | filename |
|---|---|
| 8-K - UCDP 8-K - UNIVERSAL CITY DEVELOPMENT PARTNERS LTD | ucdp8k.htm |
Exhibit
99.1
UNIVERSAL
ORLANDO ANNOUNCES PRICING OF $625,000,000 HIGH-YIELD OFFERING
ORLANDO, FLORIDA (October 27,
2009) – Universal City Development Partners, Ltd. (d/b/a “Universal Orlando”)
today announced the pricing of its private placement offering of $400 million
principal amount of Senior Unsecured Notes due 2015 (the “Senior Notes”) and
$225 million principal amount of Senior Subordinated Notes due 2016 (the “Senior
Subordinated Notes” and, together with the Senior Notes, the “Notes”). The
Senior Notes will have an interest rate of 8 7/8% per
annum and are being issued at a price of 98.856% of their face value. The Senior
Subordinated Notes will have an interest rate of 10 7/8% per annum and are
being issued at a price of 98.796% of their face value. The offering of the
Notes is expected to close on November 6, 2009, subject to customary closing
conditions.
Universal
Orlando estimates that the net proceeds from the offering will be approximately
$594.8 million after deducting discounts and estimated offering expenses. The
proceeds of the offering, together with $900 million of borrowings under
Universal Orlando's senior secured credit facilities, will be used by Universal
Orlando to purchase, redeem or otherwise retire all of its outstanding 113/4% senior
notes due 2010 and to pay dividends and deferred special fees to Universal
Orlando's direct parent companies in a sufficient amount so that they can
purchase, redeem or otherwise retire all of their outstanding 83/8% senior
notes due 2010 and floating rate senior notes due 2010 and to pay fees and
expenses related thereto.
The Notes
are being offered and sold to qualified institutional buyers in reliance on Rule
144A under the Securities Act of 1933. The Notes will not be registered under
the Securities Act. Unless so registered, the Notes may not be offered or sold
in the United States except pursuant to an exemption from, or in a transaction
not subject to, the registration requirements of the Securities Act and
applicable state securities laws. This press release shall not constitute an
offer to sell or the solicitation of an offer to buy, nor shall there be any
sale of the Notes in any state in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws of
any such state.