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Virgin Media sets tranche sizes, tightens talk on £925 million three-part 10-year notes offering
By Paul A. Harris
Portland, Ore., Jan. 13 – Virgin Media Inc. set tranche sizes and tightened price talk for its £925 million equivalent three-part offering of 10-year notes on Tuesday, according to a buyside source.
Virgin Media Secured Finance plc tightened talked on its £300 million tranche of senior secured notes (Ba3/BB-) to 5 1/8% from the 5¼% area. The notes become callable after five years at par plus 50% of the coupon and feature a special call provision allowing the issuer to redeem 10% of the notes annually at 103.
Virgin Media Finance plc, meanwhile, is offering £625 million equivalent of senior unsecured notes (B2/B) in two tranches.
A €460 million tranche of the unsecured notes comes with talk of 4½%, down from earlier talk in the 4¾% area.
A $400 million tranche of the unsecured notes comes with final talk of 5¾%, down from the 5 7/8% area. The unsecured notes become callable after five years at par plus 50% of the coupon but do not feature the special call provision.
Books were scheduled to close at 9:30 a.m. ET on Tuesday, and the deal is set to price Tuesday.
Joint bookrunner Deutsche Bank will bill and deliver for the Rule 144A and Regulation S offering. Barclays, BNP, Credit Suisse, HSBC are also joint bookrunners.
Proceeds will be used for general corporate purposes, including the acquisition of UPC Ireland.
Virgin Media is a subsidiary of Liberty Global that provides digital cable, broadband internet, fixed-line telephone and mobile services in the United Kingdom. The company has headquarters in New York City and Hook, England.
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