Virgin Media launches $3.4bn refi after Salt secures better bond price

Virgin Media
By Owen Sanderson
30 Sep 2019

Virgin Media launched a refinancing of its $3.4bn senior secured term loan B, with a combined offering across sterling bonds, and euro and dollar loans. The move comes two weeks after Swiss telco Salt proved that bonds could price meaningfully tighter than leveraged loans for the right issuer, and Virgin also saw a strong result.

For Virgin, the UK entity of the Liberty Global cable empire, Barclays ran the sterling high yield tranche, a 9.5 year non-call five rated Ba3/BB-/BB+. The deal was announced as benchmark size with talk of 4.5%, subsequently refined to £400m at 4.25%-4.375%. The bond priced at the tight ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access:

Or sign up for a trial to gain full access to the entire site for a limited period.

Free Trial

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: or find out more online here.