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Virgin Media talks upsized £500 million eight-year vendor financing notes in 5% area
By Paul A. Harris
Portland, Ore., June 3 – Virgin Media talked an upsized £500 million of eight-year vendor financing notes (B1/B/B+) to yield in the 5% area, according to a market source.
The deal, which is upsized from £400 million, is set to price on Wednesday.
Joint lead bookrunner Deutsche Bank will bill and deliver. Credit Suisse is also a joint lead bookrunner. The other bookrunners are ABN Amro, Credit Agricole CIB, ING, Intesa, Lloyds, Mediobanca and RBC.
The Rule 144A and Regulation S notes come with three years of call protection.
The issuing entity is Dolya Holdco 17 DAC, which is to be renamed Virgin Media Vendor Financing Notes III DAC.
Proceeds will be used to finance the acquisition of Virgin Media accounts receivable or fund the new Virgin Media Financing facility loans.
Virgin Media, a Reading, England-based telecom, is a subsidiary of Liberty Global.
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