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Virgin Media sets £865 million term loan J issue price at par
By Sara Rosenberg
New York, Jan. 31 – Virgin Media Ltd. firmed the issue price on its £865 million covenant-light term loan J due January 2026 at par, the tight end of revised talk of 99.75 to par and tight of initial talk of 99.5 to 99.75, according to a market source.
Pricing on the term loan J is Libor plus 350 basis points with no Libor floor.
The term loan J still has 101 soft call protection for six months.
Earlier in syndication, the term loan J was upsized from £500 million and the maturity was extended from June 2025.
Allocations are expected on Feb. 1, the source said.
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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