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Tender Deadline, which was 11:59 p.m., New York City time, on October 25, 2012, Notes validly tendered and not validly withdrawn were as follows.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%|
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV