Virgin Media Inc. Offering of approximately $1.25 billion aggregate principal amount of Senior Notes due 2022
24 Octubre 2012 - 8:00AM
UK Regulatory
TIDMVMED
Virgin Media announces offering of approximately $1.25 billion
aggregate principal amount of Senior Notes due 2022
LONDON, October 24, 2012 - Virgin Media Inc. ("Virgin Media")
(NASDAQ:VMED) (LSE:VMED), a leading UK entertainment and
communications business, today announced that its wholly-owned
subsidiary Virgin Media Finance PLC intends to offer, subject to
market and other conditions, approximately $1.25 billion aggregate
principal amount of senior notes due 2022 in dollar - and
sterling-denominated tranches.
The notes will be guaranteed by Virgin Media and certain of
Virgin Media's subsidiaries, will rank pari passu with Virgin Media
Finance PLC's outstanding senior notes due in 2019 and 2022 and
will be effectively subordinated to any future secured indebtedness
of Virgin Media Finance PLC.
Virgin Media intends to use the net proceeds from the notes
offering to repurchase its outstanding 9.50% senior notes due 2016
and up to $500 million aggregate principal amount of its
outstanding 8.875% sterling- and 8.375% dollar- denominated senior
notes due 2019 that are validly tendered in connection with Virgin
Media Finance PLC's tender offer, announced October 10, 2012, to
pay related fees and expenses, or to repurchase, redeem or repay
any other indebtedness. The Company expects to use cash on hand and
drawings under its existing revolving credit facility tofund the
remaining costs of the tender offer.
As of October 10, 2012, $850 million aggregate principal amount
of dollar- and EUR180 million aggregate principal amount of
euro-denominated 9.50% senior notes due 2016 were outstanding. As
of October 10, 2012, $600 million aggregate principal amount of
8.375% dollar- and GBP350 million aggregate principal amount of
8.875% sterling-denominated senior notes due 2019 were
outstanding.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the notes or any other securities
of Virgin Media, nor shall there be any offer, solicitation or sale
of the notes in any jurisdiction in which such offer, solicitation
or sale would be unlawful. A registration statement relating to the
notes became effective on February 27, 2012, and this offering is
being made by means of a prospectus supplement.
Forward-Looking Statements
Virgin Media cautions you that statements included in this
announcement that are not a description of historical facts are
forward-looking statements that involve risks, uncertainties,
assumptions and other factors which, if they do not materialize or
prove correct, could cause Virgin Media's results to differ
materially from historical results or those expressed or implied by
such forward-looking statements. Certain of these factors are
discussed in more detail under "Risk Factors" and elsewhere in
Virgin Media's annual report on Form 10-K as filed with the U.S.
Securities and Exchange Commission (SEC) on February 21, 2012.
There can be no assurance that the transactions contemplated in
this announcement will be completed. Virgin Media assumes no
obligation to update any forward-looking statement included in this
announcement to reflect events or circumstances arising after the
date on which it was made.
For further information, contact:
Virgin Media Investor Relations
Richard Williams: +44 (0) 1256 753037 /
richard.williams@virginmedia.co.uk
Vani Bassi: +44 (0) 1256 752347 /
vani.bassi@virginmedia.co.uk
Phil Rudman: +44 (0) 1256 752677 /
phil.rudman@virginmedia.co.uk
Media Contacts
Tavistock Communications
Lulu Bridges: +44 (0) 20 7920 3150 /
lbridges@tavistock.co.uk
Matt Ridsdale: +44 (0) 20 7920 3150 /
mridsdale@tavistock.co.uk
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