By Paul A. Harris
Portland, Ore., Oct. 25 - Virgin Media Finance plc priced an upsized $1,544,000,000 equivalent amount of notes on Thursday, according to a market source.
In a transaction that was upsized from $1.25 billion equivalent, the New York-based entertainment communications company sold senior notes due Feb. 15, 2022 (Ba2/BB-/BB+) in dollar and sterling denominations.
A $900 million tranche priced at par to yield 4 7/8%, at the tight end of yield talk set in the 5% area.
The physical bookrunners were J.P. Morgan Securities LLC and Goldman Sachs & Co.
The joint bookrunners were BNP Paribas Securities Corp., Credit Agricole CIB, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., Lloyds TSB Bank plc, Bank of America Merrill Lynch, RBS Securities Inc. and UBS Securities LLC.
In addition Virgin Media priced a £400 million tranche of notes at par to yield 5 1/8%, on top of price talk.
Goldman Sachs International and J.P. Morgan Securities plc were the physical bookrunners for the sterling-denominated notes.
The joint bookrunners were BNP Paribas, Credit Agricole CIB, Deutsche Bank AG, London Branch, HSBC Bank plc, Lloyds TSB Bank plc Bank of America Merrill Lynch International, RBS Securities Inc. and UBS Ltd.
Proceeds will be used to repurchase all of the company's senior notes due in 2016 and $250 million of the senior notes due in 2019.
| Issuer: | Virgin Media Finance plc
|
| Amount: | $1,544,000,000 equivalent, upsized from $1.25 billion equivalent
|
| Maturity: | Feb. 15, 2022
|
| Securities: | Senior notes
|
| Trade date: | Oct. 25
|
| Settlement date: | Oct. 30
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB-
|
| Fitch: BB+
|
| Distribution: | SEC registered
|
| Marketing: | Quick to market
|
|
|
| Dollar-denominated notes
|
| Amount: | $900 million
|
| Physical bookrunners: | J.P. Morgan Securities LLC, Goldman Sachs & Co.
|
| Joint bookrunners: | BNP Paribas Securities Corp., Credit Agricole CIB, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., Lloyds TSB Bank plc, Bank of America Merrill Lynch, RBS Securities Inc., UBS Securities LLC
|
| Coupon: | 4 7/8%
|
| Price: | Par
|
| Yield: | 4 7/8%
|
| Spread: | 317 bps
|
| Call protection: | Non-callable
|
| Make-whole: | Treasuries plus 50 bps
|
| Price talk: | 5% area
|
|
|
| Sterling-denominated notes
|
| Amount: | £400 million
|
| Physical bookrunners: | Goldman Sachs International, J.P. Morgan Securities plc
|
| Joint bookrunners: | BNP Paribas, Credit Agricole CIB, Deutsche Bank AG, London Branch, HSBC Bank plc, Lloyds TSB Bank plc Bank of America Merrill Lynch International, RBS Securities Inc., UBS Ltd.
|
| Coupon: | 5 1/8%
|
| Price: | Par
|
| Yield: | 5 1/8%
|
| Spread: | 339 bps
|
| Call protection: | Non-callable
|
| Make-whole: | Gilts plus 50 bps
|
| Price talk: | 25 bps behind the dollar-denominated notes
|
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