UK cableco Virgin Media is looking to place US$400m worth of senior notes due 2022 to refinance existing debt, according to a stock exchange filing.
BofA Merrill Lynch and BNP Paribas are understood to have been mandated as lead arrangers for the…
UK cableco Virgin Media is looking to place US$400m worth of senior notes due 2022 to refinance existing debt, according to a stock exchange filing.
BofA Merrill Lynch and BNP Paribas are understood to have been mandated as lead arrangers for the transaction.
The bond will be launched, subject to market and other conditions, by the company’s special purpose financial vehicle Virgin Media Finance.
“Virgin Media intends to use the net proceeds from the notes offering to repurchase the portion of its outstanding 9.50% senior notes due 2016 that are validly tendered in connection with Virgin Media Finance’s tender offer, announced today or to repurchase, redeem or repay any other indebtedness, and to pay related fees and expenses,” explained Virgin Media in a stock exchange announcement on 28 February.
According to the company, at the end of 2011, it had US$1.35bn worth of dollar-denominated 9.50% senior notes due 2016 that were outstanding.
