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Virgin Media to repay some bank debt with convertibles proceeds
By Sara Rosenberg
New York, April 9 - Virgin Media Inc. plans to repay a portion of its term loan A and term loan B debt using proceeds from a proposed $1 billion convertible senior notes offering and existing cash reserves, according to a news release.
The company anticipates voluntarily prepaying about £261 million of the term loan A that is currently scheduled for payment in September 2009, and about £243 million of the term loan B that is currently scheduled for repayment in September 2012.
Virgin Media is a New York-based entertainment and communications company.
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