Virgin Media 02 talks €500 million eight-year green secured notes at 5½%-5¾%; pricing Tuesday

By Abigail W. Adams

Portland, Me., March 25 – VMED 02 UK Financing I plc (Virgin Media 02) plans to price a €500 million offering of eight-year green senior secured notes (Ba3/B+/BB+) with price talk for a yield of 5½% to 5¾%, according to a market source.

Books are expected to close on Tuesday at 6 a.m. ET with pricing to occur thereafter.

Citigroup Global Markets Inc. (bill & deliver), BofA Securities Inc. and BNP Paribas Securities Corp. are bookrunners for the Rule 144A and Regulation S offering.

The notes are non-callable for three years.

Proceeds will be used to refinance existing secured debt.

VMED is a London-based mass media and telecommunications company.

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