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Virgin Media moves up pricing for £2.3 billion notes to late Thursday
By Paul A. Harris
Portland, Ore., Feb. 7 - Virgin Media moved up timing for its £2.3 billion equivalent multi-tranche bond offering on Thursday morning, according to a syndicate source.
The global close for order books is 4:30 p.m. ET on Thursday. Previously books were to remain open for European accounts until early Friday morning.
The earlier close is due to the deal's strong reception, the source said.
To recap, the deal is comprised of Lynx I Corp.'s £1,717,700,000 equivalent of eight-year senior secured notes (Ba3/BB-). The target sizes are $1 billion, talked to yield 5¼% to 5½%, and £1.1 billion, talked to yield in the 6% area.
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 (B2/B) in tranches with target sizes of $450 million, talked to yield 6¼% to 6½%, and £300 million, talked to yield in the 7% area.
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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