Virgin Media is seeking to raise $1.2 billion in sale of senior secured bonds. The U.K. pay-television company’s 10-year securities will rank pari passu with its senior credit facility and its existing senior secured notes due 2018. The Hook-based company seeks to use the proceeds to prepay around $866.1 million of its loan, while the rest will be used to repay parts of another loan. Virgin Media’s senior credit facility consists of a $1.3 billion A loan maturing in 2014 and a $1.09 billion B loan and new $325 million A loan expiring in 2015.
Click here for the release from Business Wire.