Virgin Media Bristol finalizes $750 million term loan Y OID at 99

By Sara Rosenberg

New York, March 2 – Virgin Media Bristol LLC firmed the original issue discount on its $750 million eight-year first-lien term loan Y (Ba3/BB-/BB+) at 99, the tight end of the 98.5 to 99 talk, according to a market source.

The term loan Y is still priced at SOFR+10 basis points CSA plus 325 bps with +/- 7.5 bps linked to two sustainability performance targets and a 0% floor.

Also, as before, the term loan Y has 101 soft call protection for six months and 0% amortization per annum.

Morgan Stanley Senior Funding Inc., Goldman Sachs Bank USA, Bank of Nova Scotia, Citigroup Global Markets Inc., Credit Agricole, HSBC Securities (USA) Inc., Lloyds, MUFG, Santander and SMBC are the lead arrangers on the deal. Scotia is the administrative agent.

Proceeds will be used for general corporate purposes, including the repayment of existing debt.

Closing is expected during the week of March 6.

Virgin Media is a New York-based media and telecommunications company.

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