By Paul A. Harris
Portland, Ore., Sept. 29 – Virgin Media Receivables Financing priced a £350 million issue of eight-year receivables-backed notes (B) at par to yield 5½% on Thursday, according to a portfolio manager.
The yield printed on top of yield talk.
The receivables-backed notes priced right on top of Virgin Media's unsecured notes, the manager said.
The deal went well, as investors seemed open to the novel speculative-grade rated securitization deal, the source said, adding that the bonds were trading at par ½ bid, par ¾ offered in the secondary market late Thursday afternoon, New York time.
Credit Suisse, Citigroup, Deutsche Bank and ING were the managers.
Proceeds will be used to buy accounts receivable and inventory.
The issuer is a Dublin, Ireland-based special purpose vehicle of Virgin Media Ltd.
| Issuer: | Virgin Media Receivables Financing
|
| Amount: | £350 million
|
| Maturity: | Sept. 15, 2024
|
| Securities: | Receivables-backed notes
|
| Managers: | Credit Suisse, Citigroup, Deutsche Bank, ING
|
| Coupon: | 5½%
|
| Price: | Par
|
| Yield: | 5½%
|
| Call protection: | Three years
|
| Trade date: | Sept. 29
|
| Settlement date: | Oct. 6
|
| Rating: | S&P: B
|
| Price talk: | 5½% area
|
| Marketing: | Roadshow
|
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