New Issue: Virgin Media prices upsized $500 million 10-year senior notes at par to yield 5¼%

By Paul A. Harris

Portland, Ore., Feb. 28 - Virgin Media Finance plc priced an upsized $500 million issue of non-callable 10-year senior notes (Ba2/BB-/BB+) at par to yield 5¼% on Tuesday, according to an informed source.

The yield printed at the tight end of the 5¼% to 5 3/8% price talk.

Bank of America Merrill Lynch, BNP Paribas, Credit Agricole CIB, Deutsche Bank Securities Inc., Goldman Sachs & Co., HSBC, J.P. Morgan Securities LLC, Lloyds TSB, RBS Securities Inc. and UBS Securities Inc. were the joint bookrunners for the quick-to-market issue, which was upsized from $400 million.

Proceeds will be used to repurchase a portion of the company's dollar-denominated 9½% senior notes due 2016 or repurchase, redeem or repay any other debt.

New York-based Virgin Media provides television, broadband, fixed-line telephone and mobile telephone services in the United Kingdom.

Issuer:	Virgin Media Finance plc
Amount:	$500 million, increased from $400 million
Maturity:	Feb. 15, 2022
Securities:	Senior notes
Bookrunners:	Bank of America Merrill Lynch, BNP Paribas, Credit Agricole CIB, Deutsche Bank Securities Inc., Goldman Sachs & Co., HSBC, J.P. Morgan Securities LLC, Lloyds TSB, RBS Securities Inc., UBS Securities Inc.
Coupon:	5¼%
Price:	Par
Yield:	5¼%
Spread:	333 bps
Call protection:	Non-callable
Make-whole:	Treasuries plus 50 bps
Change-of-control put:	101%
Trade date:	Feb. 28
Settlement date:	March 13
Ratings:	Moody's: Ba2
	Standard & Poor's: BB-
	Fitch: BB+
Distribution:	SEC registered
Price talk:	5¼% to 5 3/8%
Marketing:	Quick to market

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