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Virgin Media wins agreement for debt rescheduling

LONDON
Mon Nov 3, 2008 6:52am EST

LONDON (Reuters) - Cable operator Virgin Media said on Monday it had won approval from its lenders to amend its senior facilities agreement which would roll back amortization payments.

The group said in October it was seeking the consent of its senior lenders to make changes which would allow it to roll back payments owed to participating lenders to June 2012.

Virgin Media's senior facilities agreement currently comprises 4.3 billion pounds ($7 billion) of term loads in A, B and C tranches and a 100 million pound revolving facility.

Virgin Media had anticipated entering into a new credit facility by mid 2009 to refinance these obligations, but due to the disruption to the credit markets, it decided to address its amortization payments that were due in 2010 and 2011.

(Reporting by Kate Holton; Editing by David Holmes)


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