Virgin Media redeems $550 million 9 1/8% senior notes due 2016

By Toni Weeks

San Diego, Aug. 1 - Virgin Media Inc. subsidiary Virgin Media Finance plc fully redeemed its $550 million of 9 1/8% senior notes due 2016 on July 26, according to an 8-K filing with the Securities and Exchange Commission.

The redemption price was par plus a make-whole premium plus accrued interest up to but excluding the redemption date.

Virgin Media Investment Holdings Ltd. canceled related swap arrangements, the filing noted, and Virgin Media Finance used gains received from canceling these along with existing cash to finance the redemption.

Virgin Media Finance was formerly known as NTL Cable plc.

New York-based Virgin Media provides television, broadband, fixed-line telephone and mobile telephone services in the United Kingdom.

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