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Virgin Media breaks for trading; Ineos Quattro revises price talk; U.S. Silica readies loan
By Sara Rosenberg
New York, March 2 – Virgin Media Bristol LLC finalized the original issue discount on its first-lien term loan Y at the tight end of guidance and then the debt freed to trade on Thursday morning.
Virgin set the original issue discount on the $750 million eight-year first-lien term loan Y (Ba3/BB-/BB+) at 99, the tight end of the 98.5 to 99 talk, according to a market source.
As before, the term loan Y is priced at SOFR+10 basis points CSA plus 325 bps with +/- 7.5 bps linked to two sustainability performance targets and a 0% floor, and has 101 soft call protection for six months.
In more happenings, Ineos Quattro set the spread on its U.S. and euro term loans at the low end of talk and modified original issue discount guidance, and U.S. Silica Holdings Inc. emerged with plans to bring a new term loan B to market early next week.
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