Virgin Media driving by with $550 million and £450 million 10-year secured notes

By Paul A. Harris

Portland, Ore., June 17 – Virgin Media Secured Finance plc is in the market with a dual-currency offering of senior secured notes due Aug. 15, 2030 (existing ratings Ba3/BB-/BB+), according to market sources.

The tranches are sized at $550 million and £450 million.

The Rule 144A and Regulation S for life deal is set to price on Wednesday following conference calls with investors.

Barclays is a joint physical bookrunner. JPMorgan is also a joint physical bookrunner and will bill and deliver on sterling-denominated notes. Morgan Stanley is the lead physical bookrunner on sterling-denominated notes. Citigroup is the lead physical bookrunner and will bill and deliver for the dollar-denominated notes.

BNP Paribas, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, NatWest, Scotia and SG CIB are joint bookrunners.

The notes become callable after five years at par plus 50% of the respective coupons. A special call provision allows the issuer to redeem 10% of the notes annually at 103 during the non-call period.

Proceeds will be used to redeem the issuer’s £525 million 4 7/8% sterling-denominated senior secured notes due 2027 and £360 million 6¼% sterling-denominated senior secured notes due 2029.

Virgin Media is a Reading, England-based telecom and a subsidiary of Liberty Global.

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