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