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Virgin Media in refinancing move

By BFN News | 04:27 PM | Tuesday 16 March, 2010

Virgin Media has launched a process to refinance its senior facilities agreement. Deutsche Bank, BNP Paribas, BofA Merrill Lynch, Cr�dit Agricole Corporate and Investment Bank, GE Capital, Goldman Sachs International, JP Morgan, Lloyds TSB Corporate Markets, RBS and UBS have agreed to make available a term loan 'A' facility of £1.0bn and a revolving credit facility of £250m. Drawdown under both facilities is subject to certain conditions, including Virgin Media obtaining additional commitments in the form of term loan B facilities or other financing of at least £600m. The term loan A facility and the revolving credit facility will bear interest at a rate of LIBOR plus 350 basis points, subject to adjustments. The final maturity date of both facilities will be 30 June 2015. Virgin Media intends to use any proceeds from the term loan A facility and any term loan B facilities to refinance its existing senior facilities agreement in full, among other things. Story provided by Business Financial Newswire