Virgin Media talks £150 million tap of its 6¼% secured notes due 2029 at 101.5-101.75

By Paul A. Harris

Portland, Ore., April 1 - Virgin Media Secured Finance plc talked a proposed £150 million add-on to its 6¼% senior secured notes due March 28, 2029 (expected ratings Ba3/BB-) at 101.5 to 101.75, a market source said on Tuesday.

Books are closed.

Goldman Sachs International is the bookrunner.

The notes become callable on Jan. 15, 2021 at 103.125. 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 debt and for general corporate purposes.

Virgin Media provides internet, wireline and mobile telephone services in the United Kingdom.

The issuer, a subsidiary of Liberty Global, priced the original £225 million issue at par on March 14 in a three-part deal that also included $425 million and £430 million tranches of 5½% notes due Jan. 15, 2025.

The Rule 144A add-on notes will become immediately fungible with the original 6¼% notes. The Regulation S notes will become fungible with the original notes 40 days after the settlement date.

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