Virgin Media driving by with $675 million 10-year senior notes; initial talk 5¼%-5½%

By Paul A. Harris

Portland, Ore., June 1 – Virgin Media plans to price $675 million 10-year senior notes (expected ratings B2/B) in a Monday drive-by, according to a market source.

Initial talk has the notes yielding 5¼% to 5½%, a trader said.

J.P. Morgan Securities LLC is managing the notes sale.

The notes come with five years of call protection.

The Reading, England-based telecom plans to use the proceeds to pay down its dollar- and euro-denominated senior notes due 2025.

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