Virgin Media to sell £915 million notes due 2025 in dollar, sterling tranches; pricing Friday

By Paul A. Harris

Portland, Ore., March 13 - Virgin Media Secured Finance plc plans to price a £915 million equivalent two-part offering of senior secured notes due Jan. 15, 2025 (expected ratings Ba3/BB-) on Friday, according to a market source.

Joint bookrunner Deutsche Bank will bill and deliver. Barclays, Credit Suisse, Goldman Sachs and UBS are also joint bookrunners.

The Rule 144A and Regulation S come with five years of call protection. However, a special call provision allows the issuer to redeem 10% of the notes annually at 103 during the non-call period.

Proceeds will be used to refinance £875 million of Virgin Media's 7% senior notes due 2018.

The prospective issuer is a subsidiary of Liberty Global and provides internet, wireline and mobile telephone services in the United Kingdom.

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