By Paul A. Harris
Portland, Ore., Sept. 23 – Virgin Media priced a £605 million equivalent of 10-year senior notes (expected ratings B2/B) in a quick-to-market two-part dual-currency deal on Tuesday, according to a market source.
A $500 million tranche priced at par to yield 6%, at the tight end of yield talk in the 6 1/8% area.
A £300 million tranche priced at par to yield 6 3/8%, at the tight end of yield talk in the 6½% area.
BofA Merrill Lynch was the left global coordinator. Goldman Sachs International was the joint global coordinator.
Nomura, Credit Agricole CIB, UBS and HSBC were bookrunners.
Proceeds will be used to redeem the company’s 8 3/8% senior notes due 2019 and its 8 7/8% senior notes due 2019 and for general corporate purposes.
The issuer is a New York-based provider of broadband, television, mobile phone and home phone services in the United Kingdom.
| Issuer: | Virgin Media Finance plc
|
| Amount: | Approximately £605 million equivalent
|
| Maturity: | Oct. 15, 2024
|
| Securities: | Senior notes
|
| Left global coordinator: | BofA Merrill Lynch
|
| Joint global coordinator: | Goldman Sachs International
|
| Joint bookrunners: | Nomura, Credit Agricole CIB, UBS, HSBC
|
| Trade date: | Sept. 23
|
| Settlement date: | Oct. 7
|
| Expected ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Quick to market
|
|
|
| Dollar-denominated notes
|
| Amount: | $500 million
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Spread: | 345 bps
|
| First call: | Oct. 15, 2019 at 103
|
| Price talk: | 6 1/8% area
|
|
|
| Sterling-denominated notes
|
| Amount: | £300 million
|
| Coupon: | 6 3/8%
|
| Price: | Par
|
| Yield: | 6 3/8%
|
| Spread: | 389 bps
|
| First call: | Oct. 15, 2019 at 103.188
|
| Price talk: | 6½% area
|
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