By Andrea Heisinger
New York, Feb. 24 - Virgin Media Secured Finance plc sold $500 million 5.25% 10-year senior secured notes early Thursday to yield Treasuries plus 187.5 basis points, according to a source away from the sale and a press release.
The notes priced at the tight end of guidance given late on Wednesday at 187.5 bps to 200 bps.
Including a separate £650 million tranche, the issuer sold the equivalent of £957 million in both transactions.
The notes (Baa3/BBB-/BBB-) sold at 99.482 to yield 5.319%. They have a make-whole call at Treasuries plus 25 bps.
The notes were priced under Rule 144A and Regulation S.
BNP Paribas Securities Corp. and Deutsche Bank Securities Inc. were the active bookrunners. HSBC Securities Inc., RBS Securities Inc., J.P. Morgan Securities LLC and UBS Securities LLC were the passive bookrunners.
Proceeds are being used to repay portions of A and B tranches under a senior credit facility.
The unit of entertainment company Virgin Media Inc. is based in London.
| Issuer: | Virgin Media Secured Finance plc
|
| Issue: | Senior secured notes
|
| Amount: | $500 million
|
| Maturity: | Jan. 15, 2021
|
| Bookrunners: | BNP Paribas Securities Corp., Deutsche Bank Securities Inc. (active), HSBC Securities Inc., RBS Securities Inc., J.P. Morgan Securities LLC, UBS Securities LLC (passive)
|
| Coupon: | 5.25%
|
| Price: | 99.482
|
| Yield: | 5.319%
|
| Spread: | Treasuries plus 187.5 bps
|
| Call: | Make-whole at Treasuries plus 25 bps
|
| Distribution: | Rule 144A and Regulation S
|
| Trade date: | Feb. 24
|
| Settlement date: | March 3
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
| Fitch: BBB-
|
| Price talk: | 187.5 to 200 bps
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
