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LevFinLevFin High Yield Bonds

Virgin Media swallows almost £100m of make-whole costs in refi binge

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Virgin Media’s rapid-fire refinancing binge continued on Wednesday with a new high yield bond offering, the fifth so far this month, part of what the company says is a “strategy of refinancing ahead of the curve and maximising tenor across all credit silos”. But the refi binge, which has seen more than $2.5bn-equivalent issued this month, has cost the company dearly, as many of the bonds it is terming out are inside their call dates — meaning it must pay the “make-whole” cost to redeem them.

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