VM aims at loans after high yield relieves unsecured pressure

Virgin Media termed out some of its unsecured debt when it priced a high yield bond on Wednesday afternoon, with attention now turning to the UK cable firm’s £3.1bn of bank debt maturing in 2012.

  • 04 Nov 2009

The firm raised £715m equivalent through a high yield bond which it priced tighter than guidance on Wednesday afternoon, even after increasing the deal by £215m.The 10 year note is split between tranches of $600m and £350m, which yield 8.625% and 9.125% respectively.

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 3,691 11 20.70
2 Morgan Stanley 2,420 6 13.57
3 Goldman Sachs 2,096 5 11.75
4 BNP Paribas 1,686 6 9.45
5 Barclays 1,565 4 8.78

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 40,734.72 129 11.55%
2 JPMorgan 32,938.92 93 9.34%
3 Wells Fargo Securities 30,371.96 86 8.61%
4 Bank of America Merrill Lynch 27,582.56 87 7.82%
5 Credit Suisse 22,692.50 70 6.44%