By Paul A. Harris
Portland, Ore., May 8 – Virgin Media Ltd. priced $825 million of 10-year senior secured notes (Ba3/BB-/BB+) at par to yield 5½% on Wednesday, according to a syndicate source.
The yield printed in the middle of yield talk in the 5½% area.
The notes are part of an overall $1.2 billion equivalent two-part deal that also includes a £300 million tranche, terms for which were not available at press time.
Joint bookrunner Credit Suisse was lead left on the dollar-denominated tranche. Joint bookrunners on the tranche were Deutsche Bank, BofA Merrill Lynch, Barclays, BNP, Citigroup, HSBC, Morgan Stanley and Scotia.
Joint bookrunner Deutsche Bank is lead left on the sterling-denominated tranche.
The Hook, U.K.-based cable TV and internet service provider plans to use the proceeds to repay $355 million and £387 million of 5½% senior secured notes due 2025 and £300 million of 6 3/8% senior notes due 2024.
| Issuer: | Virgin Media Secured Finance plc
|
| Amount: | $825 million
|
| Maturity: | May 15, 2029
|
| Securities: | Senior secured notes
|
| Left bookrunner: | Credit Suisse
|
| Joint bookrunners: | Deutsche Bank, BofA Merrill Lynch, Barclays, BNP, Citigroup, HSBC, Morgan Stanley and Scotia
|
| Coupon: | 5½%
|
| Price: | Par
|
| Yield: | 5½%
|
| Spread: | 301 bps
|
| Call protection: | Five years
|
| Trade date: | May 8
|
| Settlement date: | May 16
|
| Ratings: | Moody’s: Ba3
|
| S&P: BB-
|
| Fitch: BB+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 5½% area
|
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