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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3 Citi 9,751 23 10.76
4 Lloyds Bank 7,329 24 8.09
5 JP Morgan 6,580 10 7.26

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