By Paul A. Harris
Portland, Ore., June 25 – Virgin Media Ltd. priced an upsized $600 million add-on to the Virgin Media Secured Finance plc 5½% senior secured notes due May 15, 2029 (Ba3/BB-/BB+) at 101.75 to yield 5.225% on Tuesday, according to a syndicate source.
The issue size was increased from $470 million.
The issue price came in the middle of price talk in the 101.75 area and rich to initial price talk in the 101.5 area.
Citigroup Global Markets Inc. was the left lead bookrunner. Joint bookrunners were BNP Paribas Securities Corp., BofA Securities Inc., Credit Suisse Securities and HSBC.
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.
| Issuer: | Virgin Media Secured Finance plc
|
| Amount: | $600 million, increased from $470 million
|
| Maturity: | May 15, 2029
|
| Security description: | Add-on to 5½% senior secured notes due May 15, 2029
|
| Left lead bookrunner: | Citigroup Global Markets Inc.
|
| Joint bookrunners: | BNP Paribas Securities Corp., BofA Securities Inc., Credit Suisse Securities and HSBC
|
| Coupon: | 5½%
|
| Price: | 101.75
|
| Yield: | 5.225%
|
| Spread: | 323 bps
|
| First call: | Make-whole call at Treasuries plus 50 bps until May 15, 2024, then callable at 102.75
|
| Trade date: | June 25
|
| Settlement date: | July 5
|
| Ratings: | Moody's: Ba3
|
| S&P: BB-
|
| Fitch: BB+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 101.75 area
|
| Marketing: | Quick to market
|
| Original issue: | $825 million priced on May 8, 2019
|
| Total issue size: | $1,425,000,000
|
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