By Paul A. Harris
Portland, Ore., Sept. 13 – Virgin Media Ltd. priced an upsized £450 million add-on to the Virgin Media Receivables Financing 5½% receivables-backed notes due Sept. 15, 2024 at 102 to yield 5.16% on Thursday, according to a market source.
The size of the add-on was increased from £200 million.
Credit Suisse was the global coordinator.
The issuer originally sold £350 million of the notes at par on Sept. 29, 2016. The add-on lifts the amount of the issue to £800 million.
The Hook, England-based telephone, television and broadband internet services provider plans to use the proceeds for working capital.
| Issuer: | Virgin Media Receivables Financing
|
| Amount: | £450 million, increased from £200 million
|
| Maturity: | Sept. 15, 2024
|
| Security description: | Add-on to 5½% receivables-backed notes due Sept. 15, 2024
|
| Global coordinator: | Credit Suisse
|
| Coupon: | 5½%
|
| Price: | 102
|
| Yield to maturity: | 5.16%
|
| First call date: | Sept. 15, 2019
|
| Trade date: | Sept. 13
|
| Marketing: | Roadshow
|
| Original issue: | £350 million priced at par on Sept. 29, 2016
|
| Total issue size: | £800 million
|
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