By Paul A. Harris
Portland, Ore., June 17 – Virgin Media Secured Finance plc sold 10-year senior secured notes (Ba3/BB-/BB+) in two tranches on Wednesday, according to market sources.
An upsized $650 million amount priced at par to yield 4½%.
The issue size increased from $550 million.
The yield printed at the tight end of yield talk in the 4 5/8% area.
A £450 million amount priced at par to yield 4 1/8%.
Barclays was a joint physical bookrunner. JPMorgan was 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.
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, a Reading, England-based telecom, is a subsidiary of Liberty Global.
| Issuer: | Virgin Media Secured Finance plc
|
| Maturity: | Aug. 15, 2030
|
| Securities: | Senior secured notes
|
| Joint bookrunners: | BNP Paribas, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, NatWest, Scotia and SG CIB
|
| Trade date: | June 17
|
| Settlement date: | June 29
|
| Ratings: | Moody's: Ba3
|
| S&P: BB-
|
| Fitch: BB+
|
| Distribution: | Rule 144A and Regulation S for life
|
|
|
| Dollar notes
|
| Amount: | $650 million, increased from $550 million
|
| Coupon: | 4½%
|
| Price: | Par
|
| Yield: | 4½%
|
| Spread: | 377 bps
|
| First call: | Aug. 15, 2025 at 102.25
|
| Price talk: | 4 5/8% area
|
|
|
| Sterling notes
|
| Amount: | £450 million
|
| Coupon: | 4 1/8%
|
| Price: | Par
|
| Yield: | 4 1/8%
|
| Spread: | 389 bps
|
| First call: | Aug. 15, 2025 102.063
|
|
|
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