VMED talks $750 million eight-year secured notes to yield 7 5/8%-7¾%; pricing Tuesday

By Abigail W. Adams

Portland, Me., March 26 – VMED 02 UK Financing I plc plans to price $750 million of eight-year senior secured notes (Ba3/B+/BB+) in a Tuesday drive-by with price talk for a yield of 7 5/8% to 7¾%, according to a market source.

Early guidance was for a yield in the high 7% area.

The notes are non-callable for three years.

J.P. Morgan Securities LLC is leading the Rule 144A and Regulation S for life offering.

Barclays, Citigroup Global Markets Inc., Credit Agricole CIB, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., Mizuho Securities USA Inc., MUFG Securities Americas Inc., Nomura Securities International Inc., RBC Capital Markets LLC, Santander US Capital Markets LLC, SMBC Nikko Securities America Inc., SG Americas Securities LLC and TD Securities (USA) LLC are also bookrunners.

Proceeds will be used to refinance existing debt.

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

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