Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers V > Headlines for Virgin Media Vendor Financing Notes III DAC > News item |
Moody’s assigns Virgin Media’s Vendor notes B1
Moody’s Investors Service said it assigned a B1 rating to Dolya Holdco 17 DAC’s proposed £500 million vendor financing notes due 2028. The outlook is negative. All other ratings of the Virgin Media Inc. group remain unchanged. Dolya will be renamed Virgin Media Vendor Financing Notes III DAC.
“The B1 rating for the new VFNs is in line with the B1 rating of the existing receivables financing notes (RFNs) due 2023 and 2024 issued by Virgin Media DAC II and Virgin Media DAC, respectively. The B1 rating on all VFNs is one notch lower than VMED’s Ba3 corporate family rating and senior secured debt ratings at Virgin Media Investment Holdings Ltd, Virgin Media Bristol LLC, Virgin Media SFA Finance Ltd., and Virgin Media Secured Finance plc, and a notch higher than the group’s B2 rated senior unsecured debt issued by Virgin Media Finance plc,” Moody’s said in a press release.
The proceeds will be used to refinance the £400 million of RFNs due 2023 issued by Virgin Media DAC II and to term out part of the 360-day uncommitted bank lines used for the vendor financing program.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.