Virgin Media has announced the pricing on its £1.5bn notes issue.
The 2018 senior secured notes offering is split between a US$1bn tranche and an £875m tranche paying 6.5% and 7%, respectively.
Interest on each series of notes will be payable in cash…
Virgin Media has announced the pricing on its £1.5bn notes issue.
The 2018 senior secured notes offering is split between a US$1bn tranche and an £875m tranche paying 6.5% and 7%, respectively.
Interest on each series of notes will be payable in cash semi-annually in arrears beginning on June 15 2010. Each series of notes will mature on January 15 2018.
The issue price of the dollar denominated notes is 98.488% of the principal amount and the issue price of the sterling denominated notes is 98.503% of the principal amount.
Virgin Media intends to use the net proceeds from the notes offering to prepay the outstanding Tranches A-A3 and Tranches B1-B6 and a portion of the outstanding Tranches B7-B12 under its senior credit facility.
The notes will rank pari passu with Virgin Media’s senior credit facility and, subject to certain exceptions, share in the same guarantees and security which has been granted in favour of its senior credit facility.
