UK cableco Virgin Media has announced plans to offer approximately US$1.25bn in senior notes due 2022.
The bond will be issued in dollar and sterling denominated tranches, and the proceeds will be used to refinance existing debt.
Goldman Sachs and JP…
UK cableco Virgin Media has announced plans to offer approximately US$1.25bn in senior notes due 2022.
The bond will be issued in dollar and sterling denominated tranches, and the proceeds will be used to refinance existing debt.
Goldman Sachs and JP Morgan are joint bookrunners and global coordinators for the transaction, which is expected to price in the next couple of days.
Virgin Media plans to use the proceeds to repurchase outstanding 9.5% notes due 2016, and up to US$500m of its outstanding 8.875% sterling and 8.375% dollar denominated notes due 2019. It will use cash on hand and an existing revolving credit facility to fund remaining costs of the bond buyback.
For the 2016 bond, the company recorded US$850m of the dollar tranche and €180m of the euro portion as outstanding as of 10 October 2012. On this date for the 2019 bond, it noted US$600m of the dollar tranche and £350m of its sterling portion as outstanding.
