Virgin Media Finance today completed a dual-currency offering of unsecured bullet notes, according to sources. Pricing for both the dollar and sterling tranches was finalized at the tight side of guidance, while the total size of the transaction was increased by $295 million, to a $1.545 billion equivalent. Goldman Sachs (B&D on the sterling tranche), and J.P. Morgan (B&D on the dollar tranche) are joint physical bookrunners. Bank of America, BNP, Credit Agricole, Deutsche Bank, HSBC, Lloyds, RBS, and UBS are joint bookrunners. Proceeds will be used to repay the company’s 2016 dollar- and euro-denominated senior notes, and a portion of its 2019 dollar- and sterling-denominated senior notes. The company earlier this month launched cash tender offers for the outstanding notes. Terms:
| Issuer | Virgin Media Finance | |
| Ratings | BB-/Ba2 | |
| Amount | $900 million | |
| Issue | unsecured notes (SEC registered) | |
| Coupon | 4.875% | |
| Price | 100 | |
| Yield | 4.875% | |
| Spread | T+317 | |
| FRN eq. | L+308 | |
| Maturity | Feb. 15, 2022 | |
| Call | nc-life | |
| Trade | Oct. 25, 2012 | |
| Settle | Oct. 30, 2012 (T+3) | |
| Joint Physical Books | JPM/GS | |
| Joint Bookrunners | BAML/BNP/CA/DB/HSBC/Lloyds/RBS/UBS | |
| Px talk | 5% area | |
| Notes | net deal upsizing of $295 million; w/ change-of-control put @ 101. | |
| Issuer | Virgin Media Finance | |
| Ratings | BB-/Ba2 | |
| Amount | £400 million | |
| Issue | unsecured notes | |
| Coupon | 5.125% | |
| Price | 100 | |
| Yield | 5.125% | |
| Spread | G+339 | |
| FRN eq. | E+322 | |
| Maturity | Feb. 15, 2022 | |
| Call | nc-life | |
| Trade | Oct. 25, 2012 | |
| Settle | Oct. 30, 2012 (T+3) | |
| Joint Physical Books | GS/JPM | |
| Joint Bookrunners | BAML/BNP/CA/DB/HSBC/Lloyds/RBS/UBS | |
| Px talk | 5.25% area (+25 bps / USD tranche) | |
| Notes | w/ change-of-control put @ 101. |