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Virgin Media launches tender offer for 5% notes due 2027
By Mary-Katherine Stinson
Lexington, Ky., April 4 – Virgin Media Secured Finance plc started a cash tender offer for its £675 million of 5% senior secured notes due 2027 (ISIN: XS1555173019), of which £457,522,000 are outstanding, according to a notice.
The company is offering to purchase any and all of the notes at £990 per £1,000 principal amount plus accrued interest.
The offer expires at 11 a.m. ET on April 10.
The settlement date is currently expected to be April 12.
The Regulation S offer is subject to the satisfaction of certain conditions.
The group intends to fund the offer using a portion of the net proceeds from VMED O2 UK Financing I plc’ s issue of €600 million of 5 5/8% senior secured notes due 2032 and $750 million of 7¾% senior secured notes due 2032. VMED O2 is a joint venture between Liberty Global Ltd. and Telefonica, SA.
The dealer manager for the tender offer is NatWest Markets plc (+44 20 7678 5222, NWMliabilitymanagement@natwestmarkets.com).
The tender agent is Kroll Issuer Services Ltd. (+44 20 7704 0880; virginmediaO2@is.kroll.com; https://deals.is.kroll.com/virginmediaO2).
The cable TV and internet service provider is based in Hook, England.
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