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Virgin Media talks $750 million term loan at SOFR plus 325 bps at 98.5-99 OID
By Paul A. Harris
Portland, Ore., Feb. 28 – Virgin Media Bristol LLC launched a $750 million eight-year first-lien term loan Y (Ba3/BB-/BB+) at SOFR+10 bps CSA plus 325 basis points at price talk of 98.5 to 99, according to a market source.
Commitments are due at 5 p.m. ET on Wednesday.
The deal has a 0% SOFR floor and comes with spread steps of plus or minus 7.5 bps linked to two sustainability performance targets.
The credit facility has 101 soft call protection for six months.
Morgan Stanley and Goldman Sachs are the lead bookrunners.
The New York-based media and telecommunications company plans to use the proceeds for general corporate purposes, including debt repayment.
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