KFDA - NewsChannel 10 / Amarillo, TX: newschannel10.comVirgin Media prices $1.2B of senior debt
Member Center:
 |
 |
SEATTLE (AP) - Virgin Media Inc., the London-based provider of TV, Internet and phone services, said Wednesdaythe pricing has been set for an offering of 715 million pounds ($1.2 billion) in senior notes due 2019 from its subsidiary Virgin Media Finance PLC.
Virgin Media said the notes will be offered in two tranches, split between U.S. dollars and pounds - $600 million and 350 million pounds ($580 million).
The dollar denominated notes will bear interest at a rate of 8.38 percent. The sterling denominated notes carry an interest rate of 8.88 percent.
Virgin Media said it expects to get net proceeds from the offering of 689.4 million pounds ($1.1 billion), and will use that to buy back outstanding senior notes due 2014 of Virgin Media Finance.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Click here to find daily tax tips, forms, rules, and FAQ's. Brought to you by Jackson-Hewitt.
