Virgin Media Inc. (MM) (NASDAQ:VMED)
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5 Years : From Jul 2012 to Jul 2017
Virgin Media Inc. (VMED), a U.K. entertainment and communications business, said Wednesday its wholly-owned subsidiary Virgin Media Secured Finance PLC intends to offer, subject to market and other conditions, GBP750 million equivalent senior secured notes due 2021 in a private placement to qualified institutional buyers.
-Virgin Media intends to use the net proceeds from the notes offering to prepay a portion of its A and B Tranches under its senior credit facility.
-Specifically, Virgin Media intends to prepay GBP533 million of its A Tranche, thus eliminating all scheduled amortization in 2011 through to the end of 2014, and apply any remaining net proceeds to repay partially its B Tranche currently scheduled for payment in 2015.
-Shares in London at 0915 GMT down 10 pence, or 0.6%, at 1668 pence valuing the company at GBP5.38 billion.
-By Ian Walker, Dow Jones Newswires; 44-20-7842-9296; email@example.com