Virgin Media targets total takeout of O2 tie-up debt with £5.7bn financing

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By Owen Sanderson
07 Sep 2020

Virgin Media has launched the financing for its £30bn merger with Telefonica’s O2 into the market, aiming to clear the full debt requirement for the blockbuster deal in a single hit. Announced on Monday were benchmark nine year term loan 'Bs' in dollars and euros, but the package also included a term loan 'A' and bonds, typically launched later to reflect their shorter execution time.

Talk for the euros, which is being run by BNP Paribas and Deutsche Bank, is 325bp at a 98.50-99.00 original issue discount (OID), while pricing for the dollars, led by JP Morgan, will likely wait for the US open.

The merger was signed during the depths of ...

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