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Virgin Media talks £300 million receivables financing notes to yield 5½%-5¾%; pricing Wednesday
By Paul A. Harris
Portland, Ore., March 21 – Virgin Media Inc. is in the market with £300 million of notes via a special purpose issuing entity, according to a market source.
Virgin Media Receivables Financing Notes II DAC is talking the five-year receivables financing notes to yield 5½% to 5¾%.
Books were scheduled to close at 11 a.m. ET on Wednesday, and pricing is expected later on Wednesday.
BNP Paribas, Credit Suisse, ING, Banca IMI and DNB Markets are managing the sale.
The notes come with one year of call protection.
Proceeds will be used to help finance Virgin Media's existing vendor financing program.
Virgin Media, a subsidiary of Liberty Global plc, is a Hook, England-based provider of broadband, TV, mobile phone and home phone services.
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