Virgin Media to price $500 million 10-year secured notes Tuesday; guidance in high 5% range

By Paul A. Harris

Portland, Ore., April 12 – Virgin Media plans to price a $500 million offering of 10-year secured notes (expected Ba3/BB-) on Tuesday trailing a conference call with investors that was scheduled to take place during mid-morning, according to market sources.

Initial guidance has the notes coming with a yield in the high 5% range, a sellside source said.

J.P. Morgan Securities LLC, BNP Paribas, Barclays, HSBC, BofA Merrill Lynch, Credit Agricole CIB and Mediobanca are the joint bookrunners for the Rule 144A for life offering.

The notes become callable after five years at par plus 50% of the coupon. A special call provision allows the issuer to redeem 10% of the notes annually at 103 during the non-call period.

Proceeds will be used to repay revolving credit facility debt and for general corporate purposes.

The issuing entity will be Virgin Media Secured Finance plc, a subsidiary of Virgin Media Investment Holdings Ltd., a New York-based provider of broadband, television, mobile phone and home phone services in the United Kingdom.

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