By Paul A. Harris
Portland, Ore., March 17 – Virgin Media priced senior secured notes (Ba3/BB-) in dollar-denominated and euro-denominated tranches on Tuesday, according to an informed source.
A $500 million tranche of notes due Jan. 15, 2026 priced at par to yield 5¼%. The notes priced on top of yield talk.
A downsized £525 million tranche of notes due Jan. 15, 2027 priced at par to yield 4 7/8%. The sterling-denominated tranche was downsized from £550 million. The yield printed at the wide end of yield talk in the 4¾% area.
Deutsche Bank was the left bookrunner. BofA Merrill Lynch, Barclays, BNP Paribas, Citigroup, Goldman Sachs & Co., HSBC and SG CIB were the joint bookrunners.
Proceeds will be used to refinance debt.
The issuing entity is Virgin Media Secured Finance plc.
The Hook, England-based provider of digital cable, broadband internet, fixed-line telephony and mobile services is a subsidiary of Liberty Global.
| Issuer: | Virgin Media Secured Finance plc
|
| Securities: | Senior secured notes
|
| Left bookrunner: | Deutsche Bank Securities Inc.
|
| Joint bookrunners: | BofA Merrill Lynch, Barclays, BNP Paribas, Citigroup, Goldman Sachs & Co., HSBC, SG CIB
|
| Special call: | 10% of the notes in both tranches callable annually at 103
|
| Trade date: | March 17
|
| Settlement date: | March 30
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Roadshow
|
|
|
| Dollar-denominated notes
|
| Amount: | $500 million
|
| Maturity: | Jan. 15, 2026
|
| Coupon: | 5¼%
|
| Price: | Par
|
| Yield: | 5¼%
|
| Spread: | 316 bps
|
| First call: | Jan. 15, 2020 at 102.625
|
| Price talk: | 5¼% area
|
|
|
| Sterling-denominated notes
|
| Amount: | £525 million, decreased from £550 million
|
| Maturity: | Jan. 15, 2027
|
| Coupon: | 4 7/8%
|
| Price: | Par
|
| Yield: | 4 7/8%
|
| Spread: | 300 bps
|
| First call: | Jan. 15, 2021 at 102.438
|
| Price talk: | 4¾% area
|
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