Key Developments For Virgin Media Inc.
Virgin Media Inc. (VMED.O) (Nasdaq)
Virgin Media Inc. Announces Dividend Declaration
Virgin Media Inc. announced that on November 24, 2009 the board of directors of the Company approved the payment of a quarterly cash dividend of $0.04 per share on December 21, 2009 to stockholders on record as of December 11, 2009.
Virgin Media Inc. Announces Closing of Senior Notes Offering
Virgin Media Inc. announced the closing of the offering of approximately GBP715 million equivalent aggregate principal amount of senior notes due 2019, split into a USD600 million denominated tranche and a GBP350 million sterling denominated tranche, of its wholly owned subsidiary Virgin Media Finance PLC. The notes are guaranteed on a senior basis by Virgin Media Inc. and the intermediate holding companies of Virgin Media Finance PLC and on a senior subordinated basis by Virgin Media Investment Holdings Limited, the main borrower under Virgin Media`s senior credit facilities. The notes rank pari passu with Virgin Media Finance`s outstanding senior notes due in 2014 and 2016. The dollar denominated notes bear interest at a rate of 8.375% per annum and the sterling denominated notes bear interest at a rate of 8.875% per annum. Interest on each series of notes will be payable in cash semi-annually in arrears, beginning on April 15, 2010. Both series of notes will mature on October 15, 2019. The issue price of the dollar denominated notes was 98.364% of the principal amount and the issue price of the sterling denominated notes was 98.401% of the principal amount. The net proceeds from the offering, taking into account fees, expenses and a deferred fee, are estimated to be approximately GBP689.4 million, based on a $/£ exchange rate of USD1.6479 on October 30, 2009.
Virgin Media Inc. Announces Pricing of £715 Million Equivalent of Senior Notes Due 2019
Virgin Media Inc. announced the pricing of the offering of approximately £715 million equivalent aggregate principal amount of senior notes due 2019, split into a $600 million U.S. dollar denominated tranche and a £350 million sterling denominated tranche, of its wholly-owned subsidiary Virgin Media Finance PLC. The notes will be guaranteed on a senior basis by Virgin Media Inc. and the intermediate holding companies of Virgin Media Finance PLC and on a senior subordinated basis by Virgin Media Investment Holdings Limited, the main borrower under Virgin Media's senior credit facilities. The notes will rank pari passu with Virgin Media Finance's outstanding senior notes due in 2014 and 2016. The sale of the notes is expected to close on November 9, 2009. The dollar denominated notes will bear interest at a rate of 8.375% per annum and the sterling denominated notes will bear interest at a rate of 8.875% per annum. Interest on each series of notes will be payable in cash semi-annually in arrears, beginning on April 15, 2010. Both series of notes will mature on October 15, 2019. The issue price of the dollar denominated notes is 98.364% of the principal amount and the issue price of the sterling denominated notes is 98.401% of the principal amount. The net proceeds from the offering, taking into account fees, expenses and a deferred fee, are estimated to be approximately £689.4 million, based on a $/£ exchange rate of $1.6479 on October 30, 2009.
Virgin Media Inc. Announces Offering of £500 Million Equivalent of Senior Notes Due 2019
Virgin Media Inc. announced that its wholly-owned subsidiary Virgin Media Finance PLC intends to offer approximately £500 million equivalent aggregate principal amount of senior notes due 2019. The notes will rank pari passu with Virgin Media Finance PLC's outstanding senior notes due in 2014 and 2016. Virgin Media intends to use the net proceeds from the notes offering to redeem a portion of the outstanding senior notes due 2014. Those notes were issued in April 2004, will mature on April 15, 2014 and comprise U.S. dollar denominated 8.75% senior notes due 2014 with a principal amount outstanding of $425 million, sterling denominated 9.75% senior notes due 2014 with a principal amount outstanding of £375 million, and euro denominated 8.75% senior notes due with a principal amount outstanding of €225 million. The current redemption price is 104.375% of the principal amount of the U.S. dollar denominated notes and the euro denominated notes and 104.875% of the principal amount of the sterling denominated notes.
Amendments To Virgin Media Inc.'s Senior Facilities Agreement Approved By Lenders
Virgin Media Inc. announced that its senior lenders have approved the proposed amendments in relation to its senior facilities agreement. Virgin Media expects that the amendments will be signed and become effective shortly. These amendments will provide Virgin Media with additional financial flexibility, which will support ongoing efforts to further strengthen its capital structure. The principal aim of the amendments is to permit the issuance of senior secured bonds, which would rank on a pari passu basis with the existing senior bank facilities, in order to refinance part of the existing senior bank facilities and diversify the sources of funding available to Virgin Media.
