Virgin Media launches $3.4 billion and £865 million term loans

By Sara Rosenberg

New York, Nov. 7 – Virgin Media held a lender call at 10 a.m. ET on Tuesday to launch a $3.4 billion nine-year term loan and an £865 million 10-year term loan, according to a market source.

J.P. Morgan Securities LLC, Credit Suisse, BNP Paribas, Citigroup Global Markets Inc., Goldman Sachs, Credit Agricole, HSBC Securities, Natwest Markets and Barclays are the bookrunners on the deal, with JPMorgan the left lead on the U.S. loan and Credit Suisse the left lead on the sterling loan. Bank of Nova Scotia is the administrative agent.

Price talk on the U.S. loan is Libor plus 250 basis points with a 0% Libor floor and an original issue discount of 99.75 to par, and talk on the sterling loan is Libor plus 325 bps with a 0% Libor floor and a discount of 99.75 to par, the source said.

Both loans are getting 101 soft call protection for six months.

Proceeds will be used to refinance/reprice an existing U.S. term loan priced at Libor plus 275 bps with a 0% Libor floor and an existing sterling loan priced at Libor plus 350 bps with a 0% Libor floor.

Commitments are due at noon ET on Thursday, the source added.

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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