Virgin Media said that it has now completed its major three year refinancing programme.
The UK based cable firm said that the process has ‘fundamentally changed the capital structure of the business’. The company has been applauded by banking sources for…
Virgin Media said that it has now completed its major three year refinancing programme.
The UK based cable firm said that the process has ‘fundamentally changed the capital structure of the business’. The company has been applauded by banking sources for a smart and successful refinancing programme, which will offer greater long-term financial flexibility after arranging a series of facilities in recent times.
Virgin has now replaced much of its short term bank debt with long term bond facilities and having ended 2007 with £4.8bn of repayments due by 2012, it now has just £325m due before 2013. The company also said that it has reduced the weighted average cost of debt to around 7.5%.
