UPC ANNOUNCES 45 DAY WAIVER EXTENSION FROM SENIOR LENDERS
Amsterdam, July 29, 2002 -- Further to the announcement made by UnitedGlobalCom
("UGC") on July 24, 2002, regarding the Agreement in Principle reached between
UGC and the Bondholder Committee regarding the plan for the recapitalisation of
United Pan-Europe Communications N.V. ("UPC"), UPC today announces that bank
lenders and UGC have extended until September 12, 2002 the waivers of the
defaults arising as a result of UPC's decision not to make interest payments
under its outstanding Senior Notes. The terms of the waivers remain unchanged
from those announced on March 4, 2002.
UPC also confirmed today that, as part of its balance sheet restructuring, it
does not intend to make the interest payment of EUR 124 million due on August 1,
2002 on its outstanding 10 7/8% Senior Notes due 2009, 11 1/4% Senior Notes due
2010 and 11 1/2% Senior Notes due 2010. The non-payment of interest on these
senior notes will be covered by the default waivers announced above. Withholding
these interest payments is not expected to affect the normal course of business
for UPC's operating companies.
United Pan-Europe Communications N.V. is one of the leading broadband
communications and entertainment companies in Europe. Through its broadband
networks, UPC provides television, Internet access, telephony and programming
services. UPC's shares are traded on Euronext Amsterdam Exchange (UPC) and in
the United States on the Over The Counter Bulletin Board (UPCOY). UPC is
majority owned by UnitedGlobalCom, Inc. (NASDAQ: UCOMA).
For further information, please contact:
Claire Appleby Bert Holtkamp
Director of Investor Relations Director of Corporate Communications
+ 44 (0) 207 647 8233 + 31 (0) 20 778 9447 or + 31 (0) 655 38 0594
Email: ir@upccorp.com Email: corpcomms@upccorp.com
Lazard Citigate First Financial
Richard Stables Carina Hamaker
+ 44 (0) 20 7588 2721 + 31 (0) 20 575 40 10
Jim Millstein Citigate Dewe Rogerson
+ 1 212 632 6000 Toby Moore
+ 44 (0) 20 7638 9571
JP Morgan Chase
Doug McRae
+ 1 415 371 4352
Andrea Salvato
+ 44 (0) 20 7325 6460
Also, please visit www.upccorp.com for further information about UPC.