Cross-over Virgin cuts costs, narrows lending group
UK media and entertainment group Virgin Media has taken advantage of its enhanced credit ratings to amend its senior loans, reducing its borrowing costs and relying solely on relationship banks for its syndicated loans.
Virgin’s term loan ‘A’ and term loan ‘B’, which were paying 325bp and 375bp over Libor, will be merged into a single £750m term loan with a margin of 212.5bp. The remaining £25m of the loan balance will be repaid with cash.
The company’s 10 relationship banks have
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