Virgin Media talks dollar-denominated eight-year notes at 6¾%-7%

By Paul A. Harris

St. Louis, Jan. 12 - Virgin Media Inc. set price talk for the dollar-denominated tranche of its £500 million equivalent offering of eight-year first-lien notes (expected ratings Ba2/BB/BB+) at 6¾% to 7% on Tuesday, according to a market source.

The issuer, which is also selling euro- and sterling-denominated notes, is expected to price the notes on Wednesday.

JPMorgan and Goldman Sachs & Co. are global coordinators for the Rule 144A and Regulation S with registration rights offering. BNP Paribas, Calyon Securities, Credit Suisse, Deutsche Bank Securities, GE Capital, HSBC, Lloyds, RBS Securities, UBS Investment Bank, Bank of America Merrill Lynch, Barclays Capital and Citigroup are joint bookrunners.

The notes come with four years of call protection.

Proceeds will be used to repay a portion of the outstanding A and B tranches of the existing senior credit facility.

Virgin Media is a U.K. entertainment and communications business.

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