Virgin Media in term-out push
Virgin Media is set to launch a £500m equivalent 10 year senior unsecured note to term out some of its 2014 bonds, in what is the latest step to tackle its refinancing needs. The bookrunners’ price guidance is for an 8.75% coupon on the dollar tranche and a 9.25% coupon on the sterling tranche, both with an original issue discount of 1%-2%. Read EuroWeek this week to find out how the deal went, and what Virgin Media is likely to do next to address its refinancing needs.
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