Published on 5/29/2009 in the Prospect News High Yield Daily.
New Issue: Virgin Media sells upsized $1 billion equivalent seven-year senior notes in two parts
By Paul A. Harris
St. Louis, May 29 - Virgin Media Finance plc priced an upsized $1 billion equivalent of seven-year senior notes (B2/B-/) in two tranches on Friday, according to an informed source.
Both tranches came with 9½% coupons and were issued at 95.574 to yield 10 3/8%, which was the middle of the 10¼% to 10½% price talk.
The $750 million tranche was led by J.P. Morgan Securities Inc.
The €180 million tranche was led by Deutsche Bank Securities Inc.
The deal was upsized from $650 million equivalent.
Proceeds will be used to prepay a portion of the outstanding A and B tranches under the New York City-based media company's senior credit facility.
| Issuer: | Virgin Media Finance plc
|
| Total amount: | $1 billion equivalent, upsized from $650 million equivalent
|
| Maturity: | Aug. 15, 2016
|
| Security description: | Senior notes
|
| Coupon: | 9½%
|
| Price: | 95.574
|
| Yield: | 10 3/8%
|
| Call features: | Make-whole at Treasuries plus 50 bps until Aug. 15, 2013, then callable at 104.75, 102.375, par on and after Aug. 15, 2015
|
| Equity clawback: | Until Aug. 15, 2012 for 40% at 109.50%
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B-
|
| Trade date: | May 29
|
| Settlement date: | June 3
|
| Distribution: | Public
|
| Price talk: | 10¼% to 10½%
|
|
|
| Dollar tranche
|
| Face amount: | $750 million
|
| Proceeds: | $716 million
|
| Lead bookrunner: | J.P. Morgan Securities Inc.
|
| Joint bookrunners: | Goldman Sachs & Co., RBS Securities Inc., BNP Paribas Securities Corp., HSBC Securities, Calyon
|
| Co-managers: | Fortis Securities LLC, Lloyds TSB Corporate Markets, Barclays Capital Inc., UBS Investment Bank
|
| Spread: | 721 bps
|
|
|
| Euro tranche
|
| Face amount: | €180 million
|
| Proceeds: | €172.033 million (approximate)
|
| Lead bookrunner: | Deutsche Bank Securities Inc.
|
| Joint bookrunners: | Goldman Sachs, RBS Securities, BNP Paribas Securities, HSBC, Calyon
|
| Co-managers: | Fortis Securities LLC, Lloyds TSB Corporate Markets, Barclays Capital, UBS Investment Bank
|
| Spread: | 712.6 bps
|
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