Virgin Media plans $500 million tap of 5¼% secured notes due 2026; pricing expected Thursday

By Paul A. Harris

Portland, Ore., April 23 – Virgin Media Secured Finance plc is expected to price a $500 million add-on to its 5¼% senior secured notes due Jan. 15, 2026 on Thursday trailing a mid-morning conference call with investors, according to market sources.

Goldman Sachs & Co. is the left bookrunner for the Rule 144A and Regulation S for life offering. Barclays, BNP Paribas and Deutsche Bank Securities Inc. are the joint bookrunners.

The notes become callable after Jan. 15, 2020 at 102.625.

The Hook, England-based provider of digital cable, broadband internet, fixed-line telephone and mobile services plans to use the proceeds to fund its April 2015 refinancing, with any remaining proceeds to be used for general corporate purposes, which may include loans, distributions or other payments to Virgin Media and its direct or indirect parent companies.

The original $500 million issue of 5¼% secured notes due 2026 priced at par on March 17, 2015.

Virgin Media is a subsidiary of Liberty Global.

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