UK cableco Virgin Media reportedly plans to launch a second bond refinancing this year, as some of its debt will become callable next month.
London-based cable giant Liberty Global raised £2.3bn (US$3.7bn) of bonds for its acquisition of the cable…
UK cableco Virgin Media reportedly plans to launch a second bond refinancing this year, as some of its debt will become callable next month.
London-based cable giant Liberty Global raised £2.3bn (US$3.7bn) of bonds for its acquisition of the cable operator in February 2013, and transferred across some existing Virgin Media notes.
It is now looking to refinance the high-yield bonds at the time of their first call, a leveraged finance banker reportedly told Reuters.
The first call date for Virgin Media’s £253m 2019 senior notes and US$507m 2019 senior notes is set for October, prompting speculations that a refinancing deal, which would be the second for Virgin Media this year, is due soon.
In March, Virgin Media refinanced its £875m 2018 senior secured notes when they became callable.
Several bankers had reportedly speculated that a large refinancing media deal would take place last week, with one saying that the refi concerned Virgin Media.
However, it was delayed partly after Vodafone’s CEO Vittorio Colao said last Thursday that his company would explore a takeover of Liberty Global “for the right price”, according to the Reuters report. Market volatility in the UK also reportedly had an impact on the timing.
Liberty Global declined to comment while Virgin Media could not be immediately reached.
