British cable operator Virgin Media has announced plans to issue £750m of senior secured notes due in 2021 as part of a private placement led by Deutsche Bank and BNP Paribas.
The proceeds will be used to make an early repayment of a part of an existing…
British cable operator Virgin Media has announced plans to issue £750m of senior secured notes due in 2021 as part of a private placement led by Deutsche Bank and BNP Paribas.
The proceeds will be used to make an early repayment of a part of an existing senior credit facility. Virgin Media will now be able to pay some £533m of its A Tranche, removing amortisation payments between 2011 and 2014, and partially repay its B Tranche due in 2015.
A spokesperson for Virgin Media said that the terms would be released later this week.
The notes will rank pari passu with Virgin Media’s senior credit facility and its existing senior secured notes due 2018, and, subject to certain exceptions, share in the same guarantees and security which has been granted in favour of its senior credit facility and its existing senior secured notes due 2018, the company said.
The notes will be issued by Virgin Media Secured Finance, a wholly-owned subsidiary of Virgin Media.
