By Paul A. Harris
Portland, Ore., June 10 – Virgin Media Inc. priced about £800 million equivalent of eight-year vendor financing notes due July 15, 2028 (B1/B/B+) on Wednesday, according to a market source.
The deal included a £400 million fungible add-on to the Virgin Media Vendor Financing Notes III DAC (formerly Dolya Holdco 17 DAC) 4 7/8% notes, which priced at 99.5 to yield 4.95%. The issue price came on top of price talk.
It also included a new $500 million issue of Dolya Holdco 18 DAC (to be renamed Virgin Media Vendor Financing Notes IV DAC) notes, which priced at par to yield 5%, in the middle of price talk in the 5% area.
Deutsche Bank and Credit Suisse were joint lead bookrunners. Bookrunners were ING, RBC, ABN Amro, BofA Securities, Banca IMI, Credit Agricole CIB and Lloyds.
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.
| Company: | Virgin Media Inc.
|
| Maturity: | July 15, 2028
|
| Securities: | Vendor financing notes
|
| Joint lead bookrunners: | Deutsche Bank (bill and deliver) and Credit Suisse
|
| Bookrunners: | ING, RBC, ABN Amro, BofA Securities, Banca IMI, Credit Agricole CIB and Lloyds
|
| Trade date: | June 10
|
| Ratings: | Moody's: B1
|
| S&P: B
|
| Fitch: B+
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Add-on to 4 7/8% notes
|
| Issuer: | Virgin Media Vendor Financing Notes III DAC (formerly Dolya Holdco 17 DAC)
|
| Amount: | £400 million
|
| Coupon: | 4 7/8%
|
| Price: | 99.5
|
| Yield: | 4.95%
|
| Spread: | 482 bps
|
| First call: | July 15, 2023 at 102.438
|
| Price talk: | 99.5
|
| Original issue: | £500 million priced on June 3, 2020
|
| Total issue size: | £900 million issue price on June 3, 2020
|
|
|
| New notes
|
| Issuer: | Dolya Holdco 18 DAC (to be renamed Virgin Media Vendor Financing Notes IV DAC)
|
| Amount: | $500 million
|
| Coupon: | 5%
|
| Price: | Par
|
| Yield: | 5%
|
| Spread: | 436 bps
|
| First call: | July 15, 2023 at 102.5
|
| Price talk: | 5% area
|
© 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.
