By Paul A. Harris
Portland, Ore., June 3 – Virgin Media priced an upsized £500 million of eight-year vendor financing notes (B1/expected B/expected B+) at par to yield 4 7/8% on Wednesday, according to a market source.
The issue size increased from £400 million.
The yield printed at the tight end of yield talk in the 5% area.
The notes were sold via Dolya Holdco 17 DAC, to be renamed Virgin Media Vendor Financing Notes III DAC.
Proceeds will be used to finance the acquisition of Virgin Media accounts receivable or fund the new Virgin Media Financing facility loans.
Virgin Media, a Reading, England-based telecom, is a subsidiary of Liberty Global.
| Issuer: | Dolya Holdco 17 DAC, to be renamed Virgin Media Vendor Financing Notes III DAC
|
| Amount: | £500 million, increased from £400 million
|
| Maturity: | July 15, 2028
|
| Securities: | Vendor financing notes
|
| Joint lead bookrunners: | Deutsche Bank (bill and deliver) and Credit Suisse
|
| Other bookrunners: | ABN Amro, Credit Agricole CIB, ING, Intesa, Lloyds, Mediobanca and RBC
|
| Coupon: | 4 7/8%
|
| Price: | Par
|
| Yield: | 4 7/8%
|
| Spread: | 474 bps
|
| First call: | 102.438
|
| Trade date: | June 3
|
| Settlement date: | June 17
|
| Ratings: | Moody's: B1
|
| S&P: expected B
|
| Fitch: expected B+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 5% area
|
| Marketing: | Drive-by
|
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