Virgin Media sets talk in £925 million equivalent three-part offering of 10-year notes

By Paul A. Harris

Portland, Ore., Jan. 12 – Virgin Media Inc. set price talk for its £925 million equivalent three-part offering of 10-year notes on Monday, according to market sources.

Virgin Media Secured Finance plc talked a £300 million tranche of senior secured notes (Ba3/BB-) to yield in the 5¼% area. The notes become callable after five years at par plus 50% of the coupon and feature a special call provision allowing the issuer to redeem 10% of the notes annually at 103.

Virgin Media Finance plc is offering £625 million equivalent of senior unsecured notes (B2/B) in two tranches, with euro-denominated notes being talk in the 4¾% area and dollar-denominated notes being talked in the 5 7/8% area. The unsecured notes become callable after five years at par plus 50% of the coupon but do not feature the special call provision.

Books close at 9:30 p.m. ET on Tuesday.

Joint bookrunner Deutsche Bank will bill and deliver for the Rule 144A and Regulation S offering. Barclays, BNP, Credit Suisse, HSBC are also joint bookrunners.

Proceeds will be used for general corporate purposes, including the acquisition of UPC Ireland.

Virgin Media is a subsidiary of Liberty Global that provides digital cable, broadband internet, fixed-line telephone and mobile services in the United Kingdom. The company has headquarters in New York City and Hook, England.

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