Virgin Media Seeks To Amend Bank Debt Agreements
Stock quotes in this article:
VMED
LONDON (AP) Virgin Media Inc. has asked for its lenders' consent to make changes to senior debt agreements that would allow the company to issue new senior debt with the same rights to repayment.
The provider of TV, Internet and phone services said Friday that the debt agreements cover 3.1 billion British pounds ($5 billion) of principal. Virgin said it wishes to diversify its funding sources. Funds from the new debt will be used to pay off old debt. Virgin said 10 of its lenders have agreed to the changes. The approval of two-thirds of the debt agreement's lenders is needed. The deadline for a response is Oct. 30. Virgin plans to pay a fee of 0.25 percent to each lender that consents to the changes. Shares of London-based Virgin were down 44 cents, or 3 percent, to close at $14.11 in U.S. trading.- Loading Comments...
- Loading Comments...
Recent Comments
Featured Photo Galleries
Connect with TheStreet
 |
 |
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,453.06 | 1,107.47 | 2,171.10 | 32.40 |
Oil *
79.60
|
|
UP
108.22
|
UP
11.84
|
UP
26.50
|
UP
0.39
|
10 Yr
3.24%
SPDR Gold
117.20
|
|
+1.05%
|
+1.08%
|
+1.24%
|
+1.22%
|
Data delayed 20 minutes |
