Thread: This is good news.....right?
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Old 23-02-2011, 21:24   #1
HDFootyMan
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This is good news.....right?
http://www.bloomberg.com/news/2011-0...021-notes.html

Quote:
Virgin Media Inc., the U.K.’s second-largest pay-television company, said it’s issuing the equivalent of 750 million pounds ($1.2 billion) of senior secured notes to repay some of its loans.

The 10-year bonds will be sold in a private placement and will rank pari passu with Virgin Media’s senior loans and its existing senior secured notes due 2018, the Hook, England-based company said in a statement.

Proceeds of the sale will be used to prepay approximately 533 million pounds of the A portion of Virgin Media’s senior credit facility, according to the statement. The remainder will be used to repay part of the B loan.

Virgin Media’s senior credit facility consists of an 800 million-pound A loan maturing in 2014, and a 675 million-pound B loan and new 200 million-pound A loan expiring in 2015, according to data compiled by Bloomberg. There is also a 250 million-pound revolving credit which matures in 2015, data show.
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