Virgin Media has said it plans to offer $1 billion (€640 million) worth of convertible senior notes in a private placement.
The NASDAQ-quoted cablenet said it would grant initial purchasers the option to acquire $150 million of additional notes. The senior notes would fall due in 2016.
The proceeds from the offering will be used to repay a portion of current senior credit facilities through outstanding ‘A’ and ‘B’ loans. Approximately £261 million (€331.29m) of the ‘A’ loan is scheduled for repayment in September 2009 and approximately £243 million of the ‘B’ tranche is currently scheduled for repayment in September 2012.
