by Stephen Carter
Oct 07, 2025 2:37 PM ET
VMED O2 UK Financing I plc (Virgin Media) (VMED) US$850m (up from US$750m) 144A/ Reg S sr sec due 01/15/33 (7.25y). NC3 (10/15/28) (MWC T+50bp), then at 103.375 10/15/28, 101.688 10/15/29, 100 10/15/30. Equity claw: 3y 40% at 106.75. Special call: 10% par year the first 3 years at 103. Ba3/B+/BB+ (negative/stable/negative). Via JPM sole physical books/BBVA/Citi/GS/HSBC/Lloyds/Mizuho/Santander/Scotia jt books. No reg rights. List ISE. NY law. CoC at 101. Pays Apri 15 and Oct 15, starting 04/15/26 (30/360). Denoms: 200kx1k. Settles 10/15 (T+5). 144A CUSIP: 92858RAE0; 144A ISIN: US92858RAE09. IPT: 6.50%-6.75%. Price talk: 6.75% area. $100m upsize to further pay down its term loan N. Launched: $850m at 6.75%.
Priced: 6.75% at 100. +284bp vs 4.125% 11/15/32.
Did investor call at 10:30am NYT 10/06. Books closed at 12pm 10/07. UOP: repay existing US$ 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.