Daily News: December 8, 2016

Citigroup Leads $750MM Facility for Virgin Media


Virgin Media launched a new minimum $750 million senior secured term loan due January 31, 2025. Proceeds of the loan will be used to refinance the existing £100 million ($126 million) term loan D due June 2022, a portion of the £990 million ($1.25 billion) 6.0% senior secured notes due April 2021, a portion of the $900 million ($1.141 billion) 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 acted 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.

UK-based Virgin Media is part of Liberty Global, an international cable company with operations in more than 30 countries.