Virgin Media to sell $300 million add on to senior notes due 2016

New York, July 15 - Virgin Media Inc. said it plans to offer a $300 million addition to its senior notes due 2016.

Proceeds will be used to repay part of the A and B loans under its senior credit facilities.

Virgin will issue the notes via Virgin Media Finance plc.

No further details were available on the deal, announced late Wednesday.

Virgin Media priced the original $1 billion equivalent of seven-year senior notes (B2/B-/) in two tranches on May 29.

Both tranches came with 9½% coupons and were issued at 95.574 to yield 10 3/8%.

The $750 million dollar-denominated tranche was led by J.P. Morgan Securities Inc. The €180 million euro-denominated tranche was led by Deutsche Bank Securities Inc.

Proceeds from that deal were also used to prepay a portion of the outstanding A and B tranches under the New York City-based media company's senior credit facility.

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