Virgin Media prices £400 million 4¼% secured notes due 2030

By Paul A. Harris

Portland, Ore., Oct. 1 – Virgin Media Secured Finance plc priced a £400 million issue of 4¼% senior secured notes due in January 2030 (expected ratings Ba3/BB-/BB+) on Tuesday, according to a market source.

The availability of final terms was pending at press time, the source said.

Price talk was 4¼% to 4 3/8%. Initial price was in the 4½% area.

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.

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