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Virgin bags £5bn of orders for crossover bond

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.

  • 25 Feb 2011

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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1 Citi 7,804.66 23 9.52%
2 Deutsche Bank 6,018.47 14 7.34%
3 JPMorgan 5,096.36 17 6.22%
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1 Citi 1,243.79 7 7.63%
2 BNP Paribas 1,118.03 6 6.86%
3 Barclays 1,100.14 4 6.75%
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5 JPMorgan 1,009.92 4 6.19%

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2 US Bancorp 83.33 1 4.76%
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2 Sumitomo Mitsui Financial Group 83.33 1 4.76%

Bookrunners of European Corporate IG Bonds

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1 Citi 2,636.08 6 8.44%
2 Barclays 2,499.67 4 8.00%
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