Virgin Media takes out old notes to prep ground for O2 merger

Virgin Media is in the market with its third high yield deal in a week, which will clear the way for its merger with O2 by redeeming existing bonds with obstructive covenants in place preventing the telecoms group from reorganising its capital structure. That means a big payday for bondholders in the notes due 2022, who will be paid the make-whole premium for early redemption.