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TheStreet Open House

Virgin Media Announces Early Results For Cash Tender Offer For Its 9.50% Senior Notes Due 2016 And Its 8.375% And 8.875% Senior Notes Due 2019

Stocks in this article: VMED

Virgin Media Inc. (“Virgin Media”) (NASDAQ:VMED) (LSE:VMED) today announced the results to date of the previously announced cash tender offers by its subsidiary Virgin Media Finance PLC (the “Issuer”) to purchase any and all of its dollar- and euro-denominated 9.50% Senior Notes due 2016 (the “2016 Notes”) and up to $250 million aggregate principal amount (the “Maximum Tender Amount”) of its dollar-denominated 8.375% Senior Notes due 2019 and its sterling-denominated 8.875% Senior Notes due 2019 (the “2019 Notes” and with the 2016 Notes, the “Notes”) (the “Offers”).

The terms and conditions of the tender offer are described in the Offer to Purchase dated as of October 10, 2012 and related Letter of Transmittal that were distributed to holders of Notes.

On October 25, 2012 Virgin Media announced the pricing of a notes offering by the Issuer of $900 million and £400 million aggregate principal amount of senior notes due 2022 and an amendment to the tender offer to reduce the maximum tender amount with respect to its offer to purchase 2019 Notes to $250 million from $500 million. Upon the closing of the note offering, the Company will have sufficient funds to fund the repurchase of the notes pursuant to the amended tender offer and any subsequent redemption of the senior notes due 2016.

As of the Early Tender Deadline, which was 11:59 p.m., New York City time, on October 25, 2012, Notes validly tendered and not validly withdrawn were as follows.

Description of Notes   CUSIP/ISIN/COMMON CODE   Outstanding Aggregate Principal Amount   Principal Amount Tendered   Percentage of Outstanding Principal Amount Tendered (2)
Dollar-denominated 9.50% Senior Notes due 2016 (1) 92769V AA7/ US92769V AA70 $850,000,000 $818,574,000 96.30%
Euro Denominated 9.50% Senior Notes due 2016 (1) XS0432072295 / 043207229 €180,000,000 €160,694,000 89.27%
Dollar-denominated 8.375% Senior Notes due 2019 92769V AB5 / US92769VAB53 $600,000,000 $279,871,000 46.65%
Sterling-denominated 8.875% Senior Notes due 2019 XS0464803765/ 046480376 £350,000,000 £291,884,000 83.40%

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