Virgin Media to price benchmark sterling notes due 2030 on Tuesday; initial talk 4½% area

By Paul A. Harris

Portland, Ore., Sept. 30 – Virgin Media Secured Finance plc plans to price a benchmark offering of senior secured notes due 2030 (expected ratings Ba3/BB-/BB+) on Tuesday, according to a market source.

Initial price talk has the deal coming to yield in the 4½% area.

The deal was scheduled to be marketed on Monday investor conference calls.

Global coordinator and joint bookrunner Barclays will bill and deliver. BofA Securities, Citigroup, Credit Suisse, Mediobanca, Morgan Stanley and NatWest are the joint bookrunners.

The Rule 144A and Regulation S notes come with five years of call protection.

The Hook, England-based cable TV and internet company plans to use the proceeds to refinance its existing $3.4 billion first-lien senior secured term loan B.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.