UGC Files for $1B Offering

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UnitedGlobalCom Inc. filed with U.S. regulators Monday for a rights offering worth an estimated $1 billion, Reuters reported.

UGC said it expected to receive some $1 billion in proceeds before expenses if all of the rights were exercised, Reuters said. The company said it plans to use 10% of net proceeds to pay debt of its European broadband subsidiary.

Other proceeds will go toward working capital and general corporate purposes.

The Denver-based broadband-communications provider is majority-owned by Liberty Media Corp.

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