By Abigail W. Adams
Portland, Me., March 26 – VMED 02 UK Financing I plc priced $750 million of eight-year senior secured notes (Ba3/B+/BB+) at par to yield 7¾% in a Tuesday drive-by, according to a market source.
Pricing came at the wide end of talk for a yield of 7 5/8% to 7¾%.
Early guidance was for a yield in the high 7% area.
The notes are non-callable for three years.
J.P. Morgan Securities LLC led 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 were also bookrunners.
Proceeds will be used to refinance existing debt.
VMED is a London-based mass media and telecommunications company.
| Issuer: | VMED 02 UK Financing I plc
|
| Amount: | $750 million
|
| Issue: | Senior secured notes
|
| Maturity: | April 15, 2032
|
| Left bookrunner: | J.P. Morgan Securities LLC
|
| Joint bookrunners: | 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
|
| Coupon: | 7¾%
|
| Price: | Par
|
| Yield: | 7¾%
|
| Spread: | 351 bps
|
| First call: | April 15, 2027
|
| Trade date: | March 26
|
| Settlement date: | April 3
|
| Ratings: | Moody's: Ba3
|
| S&P: B+
|
| Fitch: BB+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Yield of 7 5/8% to 7¾%
|
| Marketing: | Drive-by
|
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