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Virgin Media unit plans private dollar-denominated bond sale
By Andrea Heisinger
New York, Feb. 23 - Virgin Media Secured Finance plc is planning a sale of the equivalent of £750 million of 10-year senior secured notes, according to a press release and market sources on Wednesday.
The notes (Baa3/BBB-/BBB-) are part of a multi-tranche deal that also includes euro-denominated notes, a source said.
Price talk for the dollar-denominated notes was at a spread of 187.5 basis points to 200 bps late on Wednesday.
The notes are being priced under Rule 144A and Regulation S.
BNP Paribas Securities Corp. and Deutsche Bank Securities Inc. are the active bookrunners. HSBC Securities Inc., RBS Securities Inc., J.P. Morgan Securities LLC and UBS Securities LLC are passive bookrunners.
Proceeds are being used to repay portions of A and B tranches under a senior credit facility.
The entertainment company is based in London.
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