Virgin Media to price $470 million tap of 5½% secured notes due 2029 in Tuesday drive-by

By Paul A. Harris

Portland, Ore., June 25 – Virgin Media Ltd. plans to price a $470 million add-on to the Virgin Media Secured Finance plc 5½% senior secured notes due May 15, 2029 (expected ratings Ba3/BB-/BB-), according to a syndicate source.

Initial price talk is in the 101.5 area.

The deal is being marketed by means of an internet roadshow.

Citigroup Global Markets Inc. is the left lead bookrunner. BNP Paribas, BofA Securities Inc., Credit Suisse Securities (USA) LLC and HSBC are the joint bookrunners.

The notes become callable after May 15, 2024 at 102.75.

The Hook, U.K.-based cable TV and internet service provider plans to use proceeds from the Rule 144A and Regulation S for life deal to refinance its 5¼% senior secured notes due 2021.

The original $1.2 billion issue price on May 8, 2019.

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