UK cableco Virgin Media has priced US$500m worth of 5.25% senior notes due 2022 to refinance existing debt.
BofA Merrill Lynch and BNP Paribas are understood to be MLAs for the transaction, which the company expects to close on 13 March.
Virgin…
UK cableco Virgin Media has priced US$500m worth of 5.25% senior notes due 2022 to refinance existing debt.
BofA Merrill Lynch and BNP Paribas are understood to be MLAs for the transaction, which the company expects to close on 13 March.
Virgin Media had initially sought to place US$400m worth of notes, and the offering coincides with ratings agency S&P raising its ‘stable’ outlook for the group to ‘positive’.
According to the cableco, the net proceeds of the offering will be approximately £311.1m (US$496m). This will be used to repurchase debt, including a portion of its 9.50% senior notes due 2016.
At the end of 2011, it had US$1.35bn worth of dollar-denominated 9.50% senior notes due 2016 that were outstanding.
