Virgin Media is to issue £500m of senior notes, subject to market conditions.
BNP Paribas, Deutsche Bank, Calyon, Goldman Sachs, HSBC, JPMorgan and RBS are managing the deal, which pays a coupon of around 8.75% on the dollar tranche and around 9.25% on…
Virgin Media is to issue £500m of senior notes, subject to market conditions.
BNP Paribas, Deutsche Bank, Calyon, Goldman Sachs, HSBC, JPMorgan and RBS are managing the deal, which pays a coupon of around 8.75% on the dollar tranche and around 9.25% on the sterling tranche.
The books were due to close on November 4.
The company said that the 10-year notes would rank pari passu with its outstanding notes due in 2014 and 2016.
The net proceeds will be used to refinance existing notes.
Virgin Media is rated B2 by Moody’s and B by S&P.
Virgin Media said the proceeds of the planned bond will be used to buy back a portion of its outstanding 2014-dated bonds.
The company currently has US$425m of the 8.75%, 2014 senior note, £375m of the 9.75%, 2014 senior note and EUR225 million of the 8.75%, 2014 senior note outstanding.
Virgin Media said the current redemption price is 104.375% for the dollar- and euro-denominated notes, and 104.875% for the sterling-denominated notes.