Virgin Media Bristol launches $500 million term loan at 98.75-99 OID

By Sara Rosenberg

New York, Sept. 18 – Virgin Media Bristol LLC was scheduled to hold a lender presentation at 11:30 a.m. ET on Monday to launch a fungible $500 million add-on term loan Y due March 2031 (Ba3/BB-/BB+) that is talked with an original issue discount of 98.75 to 99, according to a market source.

Pricing on the add-on term loan is SOFR+10 basis points CSA plus 325 bps with a 0% floor.

The add-on term loan and the existing term loan Y are getting 101 soft call protection for six months.

Citigroup Global Markets Inc., Goldman Sachs Bank USA, JPMorgan Chase Bank and Bank of Nova Scotia are the bookrunners on the deal. Scotia is the administrative agent.

Commitments are due at 5 p.m. ET on Tuesday, the source added.

Proceeds will be used to refinance existing debt.

Virgin Media is a New York-based media and telecommunications company.

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