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Fitch: Virgin Media notes BBB-
Fitch Ratings said it assigned Virgin Media Inc.'s proposed multi-tranche senior secured notes transaction an expected rating of BBB-.
The purpose of the notes, to be issued by wholly owned subsidiary Virgin Media Secured Finance plc, is to repay up to £750 million of Virgin Media's £1.675 billion senior secured bank facilities, Fitch said.
The proposed transaction is expected to be largely leverage-neutral as some of the company's senior bank facilities will be replaced with longer-dated senior secured notes, the agency said.
After this transaction, Virgin Media may not have any debt repayments until June 2015, depending on the final amount raised, Fitch said.
Virgin Media has a long-term issuer default rating of BB+ and short-term issuer default rating of B. Virgin Media Investment Holdings has BBB- ratings on its a senior secured bank facilities. Virgin Media Secured Finance plc has a rating of BBB- on its 2018 senior secured bonds, and Virgin Media Finance plc has a rating of BB+ on its 2014, 2016 and 2109 senior notes.
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