By Paul A. Harris
Portland, Ore., June 17 – Virgin Media Secured Finance plc priced an upsized $650 million issue of 10-year senior secured notes (Ba3/BB-/BB+) at par to yield 4½% on Wednesday, according to market sources.
Joint physical bookrunners were Citigroup, Barclays, JPMorgan and Morgan Stanley. Joint bookrunners were BNP Paribas, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, NatWest, Scotia and SG CIB.
The issue size increased from $550 million.
The yield printed at the tight end of yield talk in the 4 5/8% area.
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.
The refinancing also includes a £450 million amount of the senior secured notes due Aug. 15, 2030.
Virgin Media, a Reading, England-based telecom, is a subsidiary of Liberty Global.
| Issuer: | Virgin Media Secured Finance plc
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| Amount: | $650 million, increased from $550 million
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| Maturity: | Aug. 15, 2030
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| Securities: | Senior secured notes
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| Joint physical bookrunners: | Citigroup (lead, bill and deliver), Barclays, JPMorgan and Morgan Stanley
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| Joint bookrunners: | BNP Paribas, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, NatWest, Scotia and SG CIB
|
| Coupon: | 4½%
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| Price: | Par
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| Yield: | 4½%
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| Spread: | 377 bps
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| First call: | Aug. 15, 2025 at 102.25
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| Trade date: | June 17
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| Settlement date: | June 29
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| Ratings: | Moody's: Ba3
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| S&P: BB-
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| Fitch: BB+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 4 5/8% area
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