Exhibit 99.1


UPC COMPLETES EUROPE'S LARGEST HIGH YIELD BOND OFFERING

AMSTERDAM, NETHERLANDS, JULY 29/PRNEWSWIRE/: United Pan-Europe Communications
has today announced that it has priced its $1.5 billion bond offering. The
offering consists of three tranches: $800 million of ten year Senior Notes
due 2009 with a 10 7/8% coupon; 300 million Euros of ten year Senior Notes
due 2009 with a coupon of 10 7/8%; and $735 million aggregate principal
amount of ten year 12 1/2% Senior Discount Notes due 2009. The Senior
Discount Notes were sold at 54.521% of the face amount yielding cross
proceeds of $400 million and will accrue but not pay interest until 2004.
Total gross proceeds from the sale of the Senior Notes and Senior Discount
Notes will be approximately $1.5 billion.

Upon closing of the transaction, the $800 million of Senior Notes will be
swapped into Euros to minimize UPC's currency and interest rate exposure.
The swap will yield an average interest rate on the swap portion of 7.8% and
a weighted average interest rate on the total $1.5 billion offering of 9.7%.

UPC intends to use the proceeds of the offering to partially finance recently
announced acquisitions.

Mark Schreider, Chairman and CEO of UPC, commenting on the bond offering said
today: "We are delighted to complete what is Europe's largest ever high
yield offering, particularly given the recent bond market turbulence. This
financing provides UPC with the capital necessary to continue our expansion
throughout Europe and our aggressive roll out of digital video, voice and
high speed data services."

The debt securities to be offered have not been, and will not be, registered
under the US Securities Act of 1933 and may not be offered or sold in the
United States absent registration or an applicable exemption from
registration requirements. The notes will be listed on the Luxembourg Stock
Exchange and will trade on the PORTAL market of the NASD. The offering is
expected to close on July 30, 1999.

Headquartered in Amsterdam, UPC is the most innovative broadband
communications company in Europe and owns and operates one of the largest
pan-European groups of broadband communication networks. UPC provides cable
television, telephony, high-speed Internet access and programming services in
twelve countries across Europe and in Israel. As of June 30th, 1999, subject
to closure of recently announced acquisitions, UPC's systems passed
approximately 8.8 million homes with more than 5.5 million basic cable
subscribers. In addition, UPC systems had 139,600 telephone access lines as
well as 52,700 broadband Internet access subscribers. UPC completed an IPO in
February 1999 and its shares are traded on the Amsterdam Stock Exchange
("UPC") and Nasdaq ("UPCOY").

UPC is a consolidated subsidiary of Denver based UnitedGlobalCom Inc.




("United"), (Nasdaq "UCOMA"). Microsoft has an interest of approximately 7.8%
in UPC.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995: Statements in this press release regarding United Pan Europe
Communications NV's business which are not historical facts are
"forward-looking statements" that involve risks and uncertainties. For a
discussion of such risks and uncertainties, which could cause actual results
to differ from those contained in the forward-looking statements, see "Risk
Factors" in the Company's Annual Report or Form 10-K for the most recently
ended fiscal year.