Virgin Media Plans $820M HY Offering
November 3, 2009
London-based Virgin Media subsidiary Virgin Media Finance plans to offer £500 million ($820 million) in senior notes due 2019, the company said today. The offering brings the total in potential new high yield deals to $2.015 billion.
Virgin Media will use the funds to redeem some of its outstanding senior notes due 2014, it said. The company plans to repay the remaining outstanding senior notes due 2014 in the future with cash from its balance sheet. Deutsche Bank is the lead bookrunner.
Meanwhile, two companies priced new issues earlier today. Cott Beverages sold $215 million in 8.375% senior notes due 2017, and Netflix priced $200 million in 8.5% senior notes due 2017. On Monday, RSC Equipment Rental sold $200 million in 10.25% senior notes due 2019.
Two other issues are expected to price today. Price talk on Colt Defense’s proposed $225 million offering of senior notes due 2017 indicates a total yield between 9% and 9.25%, with an OID of 98 or less. And NCL Corp. plans to price $450 million in senior secured notes due 2016; price talk on that deal indicates a total yield of 11%, with an OID of 97 or 98.
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