Virgin Media sets price talk in £600 million equivalent two-part offering of 10-year notes

By Paul A. Harris

Portland, Ore., Sept. 23 – Virgin Media set price talk for its £600 million equivalent two-part offering of 10-year senior notes (expected ratings B2/B), according to market sources.

A tranche of dollar-denominated notes is talked to yield in the 6 1/8% area.

A tranche of sterling-denominated notes is talked to yield in the 6½% area.

Tranche sizes remain to be determined.

Books for the sterling-denominated tranche close at 11:30 a.m. ET on Tuesday. Books for the dollar-denominated tranche close at 12:30 p.m. ET on Tuesday.

The Rule 144A and Regulation S for life deal is also set to price Tuesday.

BofA Merrill Lynch is the left global coordinator. Goldman Sachs International is the joint global coordinator.

Nomura, Credit Agricole CIB, UBS and HSBC are bookrunners.

The note come with five years of call protection.

Proceeds will be used to redeem the company's 8 3/8% senior notes due 2019 and its 8 7/8% senior notes due 2019 and for general corporate purposes.

The prospective issuer is a New York-based provider of broadband, television, mobile phone and home phone services in the United Kingdom.

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