Commentary & Deal Flow

Virgin Media O2 Vendor Financing Notes VI DAC (VMED) US$ benchmark size 144A/ Reg S vendor financing notes due 03/15/33 (7y). NC3 (03/15/29) (MWC T+50bp). Existing B2/B-/B+. Security: Receivables, Issuer cash and loans to VMIH, including the Excess Cash Facility, Interest Facility and Issue Date Facility (together, the “New VMO2 Facilities”). Via DB sole physical books/Banco Sabadell/BBVA/BNP/Caixa/CA/IMI/ING/MUFG/NatWest/RBC/StanChart jt books. No reg rights. List Dublin. English law. CoC at 101. Pays March 15 and Sept 15, starting 09/15/26 (30/360). Denoms: 200kx1k. Settles T+5. IPT: Mid 8s. Investor call at 2pm NYT 01/12. Pricing 01/13. UOP: redeem in full Its $500m 5.00% VFNs due 07/15/28 (callable at 100, any addition proceeds to partially refinance the GBP900m 4.875% VFNs due 07/15/28 (callable at 100). Owners: Liberty Global 50% and Telfonica 50%. Biz: an SPV of Virgin Media, which provides mobile, broadband and pay-TV services in the UK. HQ: London, UK.

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