Commentary & Deal Flow

Virgin Media O2 Vendor Financing Notes VI DAC (VMED) US$500m (from benchmark size) 144A (3(c)(7))/ Reg S vendor financing notes due 03/15/33 (7y). NC3 (03/15/29) (MWC T+50bp), then at 104.25 03/15/29, 102.125 03/15/30, 100 03/15/31. B2/B-/B+ (negative/stable/negative). 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 01/21 (T+5). 144A CUSIP: 92769UAA9; 144A ISIN: US92769UAA97. IPT: Mid 8s. Price talk: 8.25%-8.50%.

Priced: 8.50% at 100. +454bp vs 3.50% 02/15/33.

Did investor call at 2pm NYT 01/12. Books closed at 2:30pm 01/13. UOP: redeem in full Its $500m 5.00% VFNs due 07/15/28 (callable at 100) (any additional proceeds were to be used 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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