Virgin Media to price £550 million and $500 million notes on Tuesday

By Paul A. Harris

Portland, Ore., March 16 – Virgin Media plans to price a dual-currency offering of senior secured notes (expected ratings Ba3/BB-) on Tuesday, according to an informed source.

The deal was scheduled to roll out on a mid-morning investor conference call on Monday.

The offering includes a £550 million tranche of 10-year senior secured notes, callable in January 2021 at par plus 50% of the coupon, and a $500 million tranche of nine-year senior secured notes, callable in January 2020 at par plus 50% of the coupon.

Deutsche Bank is the left bookrunner for the Rule 144A and Regulation S for life offering. BofA Merrill Lynch, Barclays, BNP Paribas, Citigroup, Goldman Sachs & Co., HSBC and SG CIB are the joint bookrunners.

A special call provision makes 10% of the notes in both tranches callable annually at 103.

Proceeds will be used to refinance debt.

The issuing entity is Virgin Media Secured Finance plc.

The Hook, England-based provider of digital cable, broadband internet, fixed-line telephony and mobile services is a subsidiary of Liberty Global.

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