Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers V > Headlines for Virgin Media Inc. > News item |
Virgin Media selling £800 million equivalent vendor financing notes in dollars and pounds
By Paul A. Harris
Portland, Ore., June 10 – Virgin Media planned to kick off an £800 million equivalent two-part offering of eight-year vendor financing notes (B1/expected B/expected B+) on a Wednesday conference call with investors, according to a market source.
The notes come in dollar and sterling denominations. Tranche sizes remain to be determined.
The Rule 144A and Regulation S deal includes a fungible add-on to the Virgin Media Vendor Financing Notes III DAC (formerly Dolya Holdco 17 DAC) sterling-denominated 4 7/8% notes due July 15, 2028. The notes become callable on July 15, 2023 at 102.438. The original £500 million issue price on June 3, 2020.
The offering also includes a new dollar-denominated offering of Dolya Holdco 18 DAC (to be renamed Media Vendor Financing Notes IV DAC) notes due July 15, 2028. The dollar-denominated notes come with three years of call protection.
Initial price talk on the dollar-denominated notes is in the 5% area, according to a bond trader.
The deal is expected to price on Thursday.
Joint lead bookrunner Deutsche Bank will bill and deliver. Credit Suisse is also a joint lead bookrunner. ING, RBC, ABN Amro, BofA Securities, Banca IMI, Credit Agricole CIB and Lloyds are bookrunners.
Proceeds will be used to refinance the existing £800 million receivable financing notes due 2024.
Virgin Media, a Reading, England-based telecom, is a subsidiary of Liberty Global.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.