Virgin Media withdraws $3.43 billion term loan K from market

By Sara Rosenberg

New York, June 22 – Virgin Media pulled its $3.43 billion term loan K from the primary market, according to a market source.

The term loan K had been talked at Libor plus 250 basis points with a 0% Libor floor, an original issue discount of 99.75 to par and 101 soft call protection for six months.

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 were the lead banks on the deal. Scotia is the administrative agent.

Proceeds were going to 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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