By Paul A. Harris
Portland, Ore., March 14 - Virgin Media Secured Finance plc priced £915 million equivalent senior secured notes (Ba3/BB-/) in three tranches on Friday, according to a market source.
The deal included $425 million and £430 million tranches of notes due Jan. 15, 2025 that were both priced at par to yield 5½%. Both came at the wide end of the 5¼% to 5½% yield talk.
In a tranche that was added subsequent to the deal announcement, the company also priced £225 million of notes due March 29, 2029 at par to yield 6¼%. The 15-year notes also printed at the wide end of yield talk of 6% to 6¼%.
Joint bookrunner Deutsche Bank will bill and deliver. Barclays, Credit Suisse, Goldman Sachs and UBS were also joint bookrunners.
Proceeds will be used to refinance £875 million of Virgin Media's 7% senior notes due 2018.
The issuer is a subsidiary of Liberty Global and provides internet, wireline and mobile telephone services in the United Kingdom.
| Issuer: | Virgin Media Secured Finance plc
|
| Amount: | £915 million equivalent
|
| Securities: | Senior secured notes
|
| Bookrunners: | Deutsche Bank (bill and deliver), Barclays, Credit Suisse, Goldman Sachs, UBS
|
| Trade date: | March 14
|
| Settlement date: | March 28
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Roadshow
|
|
|
| Dollar notes due 2025
|
| Amount: | $425 million
|
| Maturity: | Jan. 15, 2025
|
| Coupon: | 5½%
|
| Price: | Par
|
| Yield: | 5½%
|
| Spread: | 289 bps
|
| Price talk: | 5¼% to 5½%
|
| Call protection: | Five years
|
| Special call: | 10% of the issue is callable annually at 103 during the non-call period
|
|
|
| Sterling notes due 2025
|
| Amount: | £430 million
|
| Maturity: | Jan. 15, 2025
|
| Coupon: | 5½%
|
| Price: | Par
|
| Yield: | 5½%
|
| Spread: | 275 bps
|
| Price talk: | 5¼% to 5½%
|
| Call protection: | Five years
|
| Special call: | 10% of the issue is callable annually at 103 during the non-call period
|
|
|
| Sterling notes due 2029
|
| Amount: | £225 million
|
| Maturity: | March 29, 2029
|
| Coupon: | 6¼%
|
| Price: | Par
|
| Yield: | 6¼%
|
| Spread: | 324 bps
|
| Price talk: | 6% to 6¼%
|
| Call protection: | Seven years
|
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