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

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1 Citi 4,296 9 13.13
2 BNP Paribas 3,026 10 9.25
3 Bank of America Merrill Lynch (BAML) 2,411 8 7.37
4 Lloyds Bank 2,213 9 6.76
5 Credit Agricole 2,025 6 6.19

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3 Wells Fargo Securities 26,900.77 74 8.62%
4 JPMorgan 23,547.25 70 7.55%
5 Credit Suisse 19,951.44 47 6.40%