Virgin Media launches $3.43 billion term loan K at Libor plus 250 bps

By Sara Rosenberg

New York, June 15 – Virgin Media held a lender call at noon ET on Thursday to launch a $3.43 billion term loan K that is talked at Libor plus 250 basis points with a 0% Libor floor and an original issue discount of 99.75 to par, according to a market source.

The term loan K has 101 soft call protection for six months, the source said.

J.P. Morgan Securities LLC, Barclays, Bank of America Merrill Lynch, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., Nomura, RBC Capital Markets and Bank of Nova Scotia are the lead banks on the deal. Scotia is the administrative agent.

Commitments are due on June 21, the source added.

Proceeds will be used to refinance a term loan I priced at Libor plus 275 bps with a 0% Libor floor.

Virgin Media, a subsidiary of Liberty Global plc, is a Hook, England-based provider of broadband, TV, mobile phone and home phone services.

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