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Virgin Media sets sizes, talk in £2.45 billion equivalent three-part notes offer, pricing Thursday
By Paul A. Harris
Portland, Ore., Sept. 9 – Virgin Media set tranche sizes and price talk on Wednesday for about £2.45 billion equivalent of Vmed 02 Financing I plc senior secured notes (expected ratings Ba3/BB-/BB+) coming in three tranches, according to market sources.
The Rule 144A and Regulation S for life deal shapes up as follows:
• £600 million of 8.3-year notes with 3.3 years of call protection are talked to yield 4% to 4¼%. Initial talk was in the low 4% area. Lead bookrunner Citigroup Global Markets Inc. will bill and deliver. Goldman Sachs & Co. LLC and HSBC Securities (USA) Inc. are also lead bookrunners;
• €950 million of 10.3-year notes with 5.3 years of call protection are talked to yield 3¼% to 3½%. Initial talk was in the low-to-mid 3% area. Lead bookrunner Citigroup will bill and deliver. Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. LLC are also lead bookrunners; and
• $1.35 billion of 10.3-year notes with 5.3 years of call protection are talked in the 4¼% area. Initial talk was in the low 4% area. BofA Securities Inc. is the lead bookrunner.
Barclays, BBVA Securities Inc., BNP Paribas Securities Corp., Credit Agricole CIB, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Lloyds Securities Inc., NatWest Markets Securities Inc., RBC Capital Markets Corp., Santander Investment Securities Inc. and SG Americas Securities LLC are joint bookrunners for all three tranches.
The United Kingdom-based telecom plans to use the proceeds for general corporate purposes, including payment of any distributions at closing of a joint venture between Liberty Global and Telefonica, among others. Proceeds will be escrowed until completion, with a special mandatory redemption if the joint venture does not close.
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