Virgin Media starts international roadshow for £2.3 billion equivalent bond offering

By Paul A. Harris

Portland, Ore., Feb. 6 - Virgin Media began an international roadshow on Wednesday for its £2.3 billion equivalent multi-tranche bond offering, according to a syndicate source.

The roadshow runs Wednesday and Thursday in Europe and the United States, and the deal is set to price on Friday.

Lynx I Corp. intends to place £1,717,700,000 equivalent of eight-year senior secured notes (expected ratings Ba3/BB-). Target sizes are £1.1 billion and $1 billion.

The secured notes come with four years of call protection. However a special call provision allows the issuer to redeem 10% of the secured notes annually at 103 during the non-call period.

Meanwhile Lynx II Corp. intends to place £578 million equivalent of 10-year senior unsecured notes (expected ratings B2/B), in tranches with target sizes of £300 million and $450 million.

The unsecured notes come with five years of call protection and do not have the special call provision.

All the notes are formatted according to Rule 144A and Regulation S, without registration rights.

Global coordinator Credit Suisse will bill and deliver.

Barclays, BNP Paribas, BofA Merrill Lynch and Deutsche Bank are the joint bookrunners.

Proceeds will be used to finance the acquisition of Virgin Media by Liberty Global Inc.

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

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