Virgin Media Launches Minimum $750 Million Term Loan Due 2025
December 07 2016 - 3:00PM
Business Wire
Virgin Media today announced the launch of a new minimum $750
million senior secured Term Loan due 31 January 2025. Proceeds of
the Loan, if successful, will be used to refinance the existing
£100 million Term Loan D due June 2022, a portion of the £990
million 6.0% Senior Secured Notes due April 2021, a portion of the
$900 million 5.375% Senior Secured Notes due April 2021 and to pay
related transaction costs. The Loan is expected to be rated Ba3 by
Moody’s and BB- by S&P. Citigroup is acting as global
coordinator on the transaction, alongside Barclays, BofA Merrill
Lynch, Crédit Agricole CIB, Credit Suisse, Deutsche Bank, J.P.
Morgan and Scotiabank as joint bookrunners.
The transaction is consistent with our policy to maximise tenor
across our capital structure. We will continue to opportunistically
access the loan and bond capital markets going forward, typically
making use of optional redemption flexibility to refinance debt
well in advance of maturity. However under specific circumstances,
we may elect to refinance certain tranches of debt at or close to
maturity to avoid incurring significant make-whole costs, to the
extent that such payments are adequately covered by existing
liquidity, including headroom under revolving credit
facilities.
Forward Looking Statement
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements about whether or not we will consummate
the transaction, draw any or all of the Loan commitments, the
anticipated size and/or terms of the new Loan commitments, and the
anticipated use of the proceeds from the transaction. These
forward-looking statements involve certain risks and uncertainties
that could cause actual results to differ materially from those
expressed or implied by these statements, including the failure to
consummate the transaction, redeem or repay any existing
indebtedness and potential changes in market conditions that could
cause actual results to differ materially. We expressly disclaim
any obligation or undertaking to disseminate any updates or
revisions to any forward-looking statement contained herein to
reflect any change in our expectations with regard thereto or any
change in events, conditions or circumstances on which any such
statement is based.
About Virgin Media
Virgin Media offers four multi award-winning services across the
UK and Ireland: broadband, TV, mobile phone and landline.
The company’s dedicated, ultrafast network delivers the fastest
widely available broadband speeds to homes and businesses. We’re
expanding this through our £3bn Project Lightning programme to pass
an incremental 4 million premises.
Our interactive TV service brings live programmes, thousands of
hours of on-demand programming and the best apps and games in a
set-top box, as well as on-the-go services for tablets and
smartphones.
We launched the world’s first virtual mobile network, offering
fantastic value and services. We are also one of the largest
fixed-line home phone providers in the UK and Ireland.
Through Virgin Media Business, we support entrepreneurs,
businesses and the public sector, delivering the fastest speeds and
tailor-made services.
Virgin Media is part of Liberty Global, the world’s largest
international cable company, with operations in more than 30
countries.
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version on businesswire.com: http://www.businesswire.com/news/home/20161207006155/en/
Virgin MediaInvestor Relations:Oskar Nooij, +1 303
220 4218Christian Fangmann, +49 221 8462 5151John Rea, +1 303 220
4238Vani Bassi,+44 1256 752347orCorporate
Communications:Matt Beake, +44 20 8483 6428Rebecca Pike, +44 20
8483 6216
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