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PRESS RELEASE RE: TENDER OFFER
FOR IMMEDIATE RELEASE CONTACT: Mike Erikson
November 7, 2001 Liberty Media Corporation
(720) 875-5400
Liberty Announces Successful Completion of Previously
Announced "Modified Dutch Auction" Tender Offer
for Notes of United Pan-Europe Communications
ENGLEWOOD, Colorado - Liberty Media Corporation ("Liberty") today announced
that its wholly owned subsidiary, Liberty UPC Bonds, Inc. ("Offeror"), completed
its previously announced "Modified Dutch Auction" tender offer for the notes
described below issued by UNITED PAN-EUROPE COMMUNICATIONS N.V.
The offer expired on November 6, 2001 at 11:59 p.m., New York City time.
The table below sets forth, for each series of notes subject to the offer, as of
the expiration of the offer: (1) the principal amount and currency of each
series of notes Offeror accepted; and (2) the purchase price per $1,000 (or
Euro1,000 in the case of the Euro-denominated notes) principal amount (or
principal amount at maturity, in the case of the discount notes). The purchase
prices listed below apply to notes tendered without specifying a price and notes
tendered at or below the applicable purchase price.
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PRINCIPAL AMOUNT PURCHASE PRICE PER $1,000
CURRENCY SERIES OF NOTES ACCEPTED (OR E1,000) PRINCIPAL AMOUNT
- -------- --------------- ---------------- ----------------------------
$ 10 7/8% Senior Notes due 2007 $ 56,142,000 $ 190
E 10 7/8% Senior Notes due 2007 E 31,315,000 E 165
$ 10 7/8% Senior Notes due 2009 $ 200,951,000 $ 190
E 10 7/8% Senior Notes due 2009 E 69,870,000 E 170
$ 12 1/2% Senior Discount Notes due 2009 $ 235,200,000 $ 140
$ 11 1/4% Senior Notes due 2009 $ 39,200,000 $ 190
E 11 1/4% Senior Notes due 2009 E 31,734,000 E 170
$ 13 3/8% Senior Discount Notes due 2009 $ 149,795,000 $ 70
E 13 3/8% Senior Discount Notes due 2009 E 64,656,000 E 110
$ 11 1/4% Senior Notes due 2010 $ 94,967,000 $ 190
</Table>
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<Table>
<Caption>
PRINCIPAL AMOUNT PURCHASE PRICE PER $1,000
CURRENCY SERIES OF NOTES ACCEPTED (OR E1,000) PRINCIPAL AMOUNT
- -------- --------------- ---------------- ----------------------------
E 11 1/4% Senior Notes due 2010 E 63,528,000 E 170
$ 11 1/2% Senior Notes due 2010 $ 72,074,000 $ 190
$ 13 3/4% Senior Discount Notes due 2010 $ 307,594,000 $ 120
</Table>
The principal amount of notes accepted in the offer for certain series of
notes was increased in compliance with applicable law.
For holders that tendered notes at the purchase price for a particular
series of notes, the relevant proration factor for such series of notes is as
set forth below. Holders that tendered at less than the purchase price for the
foregoing series of notes are not subject to proration.
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<Caption>
CURRENCY SERIES OF NOTES PRORATION FACTOR
- -------- --------------- ----------------
$ 12 1/2% Senior Discount Notes due 2009 23%
E 13 3/8% Senior Discount Notes due 2009 96.6%
</Table>
Offeror will pay the aggregate purchase price, including accrued interest,
if any, through November 8, 2001, to the depositary for those notes accepted for
payment on Friday, November 9, 2001, and all notes not accepted for payment will
be promptly returned to holders.
Salomon Smith Barney, Inc. served as the Dealer Manager for the Offer. The
Depositary and Information Agent for the Offer was Mellon Investor Services LLC.
Liberty owns interests in a broad range of video programming,
communications and Internet businesses in the United States, Europe, South
America and Asia.
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