by Stephen Carter
Oct 07, 2025 1:19 PM ET
VMED O2 UK Financing I plc (Virgin Media) (VMED) US$850m (up from US$750m) 144A/ Reg S sr sec due Jan 2033 (7.25y). NC3 (Oct 2028) (MWC T+50bp) (50%,25%, par). Equity claw: 3y 40%. Special call: 10% par year the first 3 years at 103. Existing Ba3/B+/BB+. Via JPM sole physical books/BBVA/Citi/GS/HSBC/Lloyds/Mizuho/Scotia jt books. No reg rights. List ISE. NY law. CoC at 101. Denoms: 200kx1k. IPT: 6.50%-6.75%. Price talk: 6.75% area. $100m upsize to further pay down its term loan N.
Launched: $850m at 6.75%.
Did investor call at 10:30am NYT 10/06. Books closed at 12pm 10/07. Pricing 10/07 NY afternoon. UOP: repay existing US$ term loan N ($100m upsize to further pay down the term loan N). Owners: Liberty Global 50% and Telfonica 50%. Biz: a sub of Virgin Media, which provides mobile, broadband and pay-TV services in the UK. HQ: London, UK.
Netroadshow: https://www.netroadshow.com/events/login/LE9zwo4AphqBwXbQjknGHt2jiKXUEeXA0nK.