Published on 6/2/2020 in the Prospect News High Yield Daily.
New Issue: Virgin Media prices $675 million 10-year notes at par to yield 5%
By Paul A. Harris
Portland, Ore., June 1 – Virgin Media Finance plc priced a $675 million issue of 10-year senior notes (Ba3/BB-) at par to yield 5% on Monday, according to a market source.
Bookrunners were J.P. Morgan Securities, NatWest Investments, BNP Paribas, Citigroup Global Markets, Goldman Sachs & Co. and Morgan Stanley & Co.
The yield printed at the tight end of the 5% to 5¼% yield talk. Initial talk was 5¼% to 5½%.
The Reading, England-based telecom plans to use the proceeds to pay down its dollar- and euro-denominated senior notes due 2025.
| Issuer: | Virgin Media Finance plc
|
| Amount: | $675 million
|
| Maturity: | July 15, 2030
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities, NatWest Investments, BNP Paribas, Citigroup Global Markets, Goldman Sachs & Co. and Morgan Stanley & Co.
|
| Coupon: | 5%
|
| Price: | Par
|
| Yield: | 5%
|
| Spread: | 433 bps
|
| Call protection: | Five years
|
| Trade date: | June 1
|
| Settlement date: | June 11
|
| Ratings: | Moody's: Ba3
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5% to 5¼%
|
| Marketing: | Drive-by
|
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