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Virgin Media sets price talk in £550 million and $500 million secured notes offering
By Paul A. Harris
Portland, Ore., March 16 – Virgin Media set price talk in its dual-currency offering of senior secured notes (expected ratings Ba3/BB-) on Monday.
The deal, which was announced Monday and presented on a Monday investor conference call, features a £550 million tranche of senior secured notes due Jan. 15, 2027, callable in January 2021 at par plus 50% of the coupon and talked to yield in the 4¾% area.
A $500 million tranche of senior secured notes due in Jan. 15, 2026, callable in January 2020 at par plus 50% of coupon, is talked to yield in the 5¼% area.
Order books for the dollar-denominated notes were scheduled to close at the New York close of business on Monday.
The books for the euro-denominated notes close at 7 a.m. ET on Tuesday.
The Rule 144A and Regulation S for life deal is also set to price on Tuesday.
Deutsche Bank is the left bookrunner. 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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