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Published on 12/20/2016 in the Prospect News High Yield Daily and Prospect News Liability Management Daily.

Virgin Media calls $1 billion 5 3/8% notes, £350 million of 6% notes

By Susanna Moon

Chicago, Dec. 20 – Virgin Media Secured Finance plc issued a redemption notice for all of its $1 billion 5 3/8% senior secured notes due 2021 and for some of its £1.1 billion 6% senior secured notes due 2021.

For the 5 3/8% notes, 10% of the original issue amount will be redeemed on Dec. 30 at 103% of par plus any additional amounts, according to a company notice. The remainder will be redeemed at par plus the premium.

Virgin Media also will redeem £350 million principal amount of its 6% notes on Dec. 30, with 10% of the original par amount at 103% plus any additional amounts and £240 million of the notes at par, according to a separate company notice.

For each series, the issuer also will pay accrued interest to the redemption date of Dec. 30.

The record date will be Dec. 29.

The redemptions are contingent on the issuer obtaining financing to fund the purchases.

The paying agent is the Bank of New York Mellon, London Branch.

Virgin Media, a subsidiary of Liberty Global plc, is a Hook, England-based provider of broadband, TV, mobile phone and home phone services.


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