Fitch gives Virgin Media notes BB

Fitch Ratings said it has assigned Virgin Media Finance plc's new senior note issuance of $600 million and £350 million a final rating of BB.

The long-term issuer default rating for Virgin Media Inc. is simultaneously affirmed at BB-, and the short-term issuer default rating at B, the agency said.

The outlook is positive.

According to Fitch, the upsized £715 million equivalent issue has been placed in two tranches: $600 million of 8.375% senior notes and £350 million of 8.875% senior notes each with a final maturity in 2019.

The new 2019 notes rank equally with the existing 2014 and 2016 senior notes, and thus the BB rating for the new notes is equivalent to the existing rating for the 2014 and 2016 notes, the agency said.

However, Fitch highlighted that the new notes contain a covenant package which, although broadly consistent with the existing indentures at outset, provides for a release of certain undertakings should the notes achieve investment-grade status at a future date.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.