UGC Completes Refinancing of VTR's Bank Debt

UGC Completes Refinancing of VTR's Bank Debt

DENVER, Dec. 17 /PRNewswire-FirstCall/ -- UnitedGlobalCom, Inc. ("UGC" or "the Company") (NASDAQ:UCOMA) announced that its subsidiary, VTR GlobalCom S.A. ("VTR"), has completed the refinancing of its existing dollar bank loan with a new Chilean Peso bank loan of ChP54,767.5 million (equivalent to US$95 million) with a final maturity in December 2011 ("Peso Loan"). The Peso Loan will increase VTR's average debt maturity, reduce the average interest margin and eliminate foreign exchange risk associated with VTR's borrowings.

Net proceeds will be applied to prepay all outstanding amounts under the existing bank loan of approximately $84 million, prepay approximately $4.6 million of a working capital line of credit and the balance will be available for general corporate purposes.

About UnitedGlobalCom

UGC is a leading international provider of video, voice, and broadband Internet services with operations in 14 countries, including 11 countries in Europe. Based on the Company's operating statistics at September 30, 2004, UGC's networks reached approximately 15.5 million homes passed and served over 11.1 million RGUs, including approximately 9.1 million video subscribers, 761,000 telephone subscribers and 1.3 million broadband Internet subscribers.

Forward-Looking Statements: Except for historical information contained herein, this press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including the assumed annual interest savings as a result of the refinancing at a lower interest rate. These forward looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements, including future changes in interest rates that affect the Company's credit facilities with floating interest rates. These forward-looking statements speak only as of the date of this release. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

Please visit www.unitedglobal.com for further information.


Source: UnitedGlobalCom, Inc.

CONTACT: Richard S.L. Abbott, Investor Relations - UGC, +1-303-220-6682,
ir@unitedglobal.com, or Claire Appleby, Investor Relations - Europe,
+44 20 7 838 2004, ir@ugceurope.com, or Bert Holtkamp, Corporate
Communications - UGC Europe, + 31 (0) 20 778 9447,
communications@ugceurope.com, all of UnitedGlobalCom, Inc.

Web site: http://www.unitedglobal.com/


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