VTR offers $1.4 billion notes in two tranches, pricing this week

By Paul A. Harris

Portland, Ore., Jan. 13 - VTR Finance BV began a roadshow on Monday for $1.4 billion of senior secured notes (expected ratings (B1/B+) in two tranches, according to market sources.

The Rule 144A and Regulation S for life deal, which is expected to price on Friday, is coming in tranches of eight-year notes, which come with four years of call protection, and 10-year notes, which come with five-years of call protection.

Tranche sizes remain to be determined.

J.P. Morgan Securities (USA) LLC, BNP Paribas, Goldman Sachs & Co. and Morgan Stanley & Co. are the joint bookrunners.

Both tranches feature special call provisions that allow the issuer to redeem up to 10% of the notes annually at 103 during the non-call periods.

Proceeds will be used to fund the split off of VTR GlobalCom, SpA and VTR Wireless, SpA from Liberty Global plc and for general corporate purposes.

VTR is a Santiago, Chile-based cable and internet company.

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