UK cableco Virgin Media has completed a tender offer for its senior notes due 2016 and 2019.
The company planned to repurchase any and all of its 9.50% euro and dollar denominated notes due 2016. It also planned to buy back up to US$250m aggregate…
UK cableco Virgin Media has completed a tender offer for its senior notes due 2016 and 2019.
The company planned to repurchase any and all of its 9.50% euro and dollar denominated notes due 2016. It also planned to buy back up to US$250m aggregate principal amount of its outstanding 8.375% and 8.875% notes due 2019.
Ultimately, 96.30% of the dollar and 90.88% of the euro denominated notes due 2016 that were outstanding were traded, or US$818.574m and €161.005m, respectively.
Of the outstanding notes due 2019, 15.48% of the bond’s 8.375% tranche and 27.58% of its 8.875% trance were successfully tendered. This resulted in US$279.871m and £293.055m of the 8.375% and 8.875% notes, respectively, being tendered. According to Virgin Media, because the aggregate principal amount of these two tranches exceeded the maximum US$250m threshold, the amount of these notes accepted for purchase will be prorated pursuant to the offer’s terms.
JP Morgan and RBS managed the tender offers.
Virgin Media is financing the transactions through US$900m and £400m worth of ten-year notes that it priced at par at the end of October.
