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 BNP Paribas 10,542 20 18.00
2 Bank of America Merrill Lynch (BAML) 6,103 21 10.42
3 Citi 5,130 13 8.76
4 JP Morgan 4,681 6 7.99
5 Lloyds Bank 3,389 13 5.79

Bookrunners of Global Structured Finance

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1 Citi 71,838.88 206 11.37%
2 Bank of America Merrill Lynch 61,812.39 171 9.78%
3 Wells Fargo Securities 50,159.53 146 7.94%
4 JPMorgan 49,089.37 141 7.77%
5 Credit Suisse 39,020.67 99 6.18%