Virgin Media allocates £865 million covenant-light term loan J

By Sara Rosenberg

New York, Feb. 1 – Virgin Media Ltd. allocated on Wednesday its £865 million covenant-light term loan J due January 2026 that is priced at Libor plus 350 basis points with no Libor floor and was issued at par, according to a market source.

The term loan J has 101 soft call protection for six months.

During syndication, the term loan J was upsized from £500 million, the issue price firmed at the tight end of revised talk of 99.75 to par and tight of initial talk of 99.5 to 99.75, and the maturity was extended from June 2025.

Barclays and BNP Paribas are the global coordinators on the deal, and joint bookrunners include Bank of Nova Scotia, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Natixis, RBC Capital Markets and UBS Investment Bank. Scotia is the agent.

Proceeds will be used to refinance an existing pound-denominated term loan E.

Virgin Media is a United Kingdom- and Ireland-based cable services provider.

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