Virgin Media accepts tenders of £259.43 million 5% notes due 2027

By Wendy Van Sickle

Columbus, Ohio, April 11 – Virgin Media Secured Finance plc said it accepted tenders of £259,426,000 principal amount of notes under its cash tender offer for its £675 million of 5% senior secured notes due 2027 (ISIN: XS1555173019), with £457,522,000 principal amount outstanding, according to a notice.

As announced on April 4, the company offered to purchase any and all of the notes at £990 per £1,000 principal amount plus accrued interest.

The offer expired at 11 a.m. ET on April 10.

The settlement date is expected to be April 12, after which there will be £198,096,000 principal amount of the notes left outstanding.

The Regulation S offer is subject to the satisfaction of certain conditions.

The group previously said it intends to fund the offer using a portion of the net proceeds from VMED O2 UK Financing I plc’ s issue of €600 million of 5 5/8% senior secured notes due 2032 and $750 million of 7¾% senior secured notes due 2032. VMED O2 is a joint venture between Liberty Global Ltd. and Telefonica, SA.

The dealer manager for the tender offer is NatWest Markets plc (+44 20 7678 5222, NWMliabilitymanagement@natwestmarkets.com).

The tender agent is Kroll Issuer Services Ltd. (+44 20 7704 0880; virginmediaO2@is.kroll.com; https://deals.is.kroll.com/virginmediaO2).

The cable TV and internet service provider is based in Hook, England.

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