Virgin Media Bristol firms $500 million add-on term loan at 99 OID

By Sara Rosenberg

New York, Sept. 20 – Virgin Media Bristol LLC finalized the original issue discount on its fungible $500 million add-on term loan Y due March 2031 (Ba3/BB-/BB+) at 99, the tight end of the 98.75 to 99 talk, according to a market source.

Pricing on the add-on term loan is SOFR+10 basis points CSA plus 325 bps with a 0% floor.

The add-on term loan and the existing term loan Y are getting 101 soft call protection for six months.

Citigroup Global Markets Inc., Goldman Sachs Bank USA, JPMorgan Chase Bank and Bank of Nova Scotia are the bookrunners on the deal. Scotia is the administrative agent.

Proceeds will be used to refinance existing debt.

Closing is expected on Sept. 27, and the add-on loan will merge into the existing term loan Y on Oct. 16, the source added.

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

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