Virgin bags £5bn of orders for crossover bond

25 Feb 2011

UK cable firm Virgin Media sold a blowout £960m-equivalent crossover bond on Thursday, increasing the deal from £750m after investment grade accounts piled into it with £5.3bn of orders.

The company, rated Ba1/BB/BB+, having been upgraded one notch by each agency following its results on February 17, launched the 10 year non-call life sterling and dollar transaction on Wednesday.

Guidance on the senior secured note, itself rated Baa3/BBB-/BBB-, was released on Thursday morning at Gilts plus 200bp-210bp for ...

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