Virgin taps 15yr HYB at record tight yield

Virgin Media (right size for new website)
By Stefanie Linhardt
03 Apr 2014

Virgin Media priced an increased tap of its 15 year bond at the tight end of guidance on Tuesday — achieving the lowest yield ever on a European high yield bond of this maturity.

The £175m add-on was sold intraday at a reoffer price of 101.75 to yield 6.066%.

Bookrunner Goldman Sachs had announced the transaction as a £150m tap of Virgin Media’s £225m 6.25% 2029 senior secured issue, originally priced on March 14.

The deal, then, was only the second ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial