UK cableco Virgin Media has priced US$900m and £400m worth of ten-year notes at par.
The dollar tranche of the bond carries a 4.875% coupon, while the sterling portion priced at 5.125%.
As previously reported, Goldman Sachs and JP Morgan are joint…
UK cableco Virgin Media has priced US$900m and £400m worth of ten-year notes at par.
The dollar tranche of the bond carries a 4.875% coupon, while the sterling portion priced at 5.125%.
As previously reported, Goldman Sachs and JP Morgan are joint bookrunners and global coordinators for the deal.
According to the company, net proceeds from the offering, which is set to close at the end of October, will be around US$1.53m based on recent exchange rates.
The proceeds will be used to repurchase outstanding 9.5% notes due 2016, and US$250m of outstanding 8.875% sterling and 8.375% dollar denominated notes due 2019. Before the new bond was priced, Virgin Media had said it planned to use its proceeds to repurchase US$500m of the 2019 bond, with the remaining costs of the buyback coming from cash on hand and an existing revolving credit facility.
As of 10 October 2012, the company recorded US$850m of its 2016 bond’s dollar tranche and €180m of its euro portion as outstanding. It said US$600m of the 2019 bond was outstanding on this date.
