Virgin Media has announced it has committed to a new £675 million ($762m) loan facility as the cablenet continues to refinance its senior facilities agreement.
The term loan B commitments carry interest at 375 basis points above the inter-bank lending rate (LIBOR) and will mature on December 31, 2015. It is anticipated that closing under the new senior facilities agreement will take place on April 19, 2010. As previously announced proceeds from the loan A and loan B facilities will be used to to refinance its existing senior facilities agreement.
Virgin has also confirmed that the balance of its senior notes, issued in April 2004 and due in 2014 will be redeemed in full.