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Virgin Media Announces The Expiration Of Consent Solicitations Relating To Certain Outstanding Notes

Stocks in this article: VMED

Virgin Media Inc. (“Virgin Media”) (NASDAQ:VMED) (LSE:VMED) today announced the expiration of the consent solicitations by its subsidiaries Virgin Media Finance PLC (“VMF”) and Virgin Media Secured Finance PLC (“VMSF”) in accordance with the terms of the consent solicitation statements distributed on February 6, 2013, relating to VMF’s dollar denominated 8.375% senior notes due 2019 and sterling denominated 8.875% senior notes due 2019 (collectively, the “2019 Notes”) and VMSF’s dollar denominated 6.50% senior secured notes due 2018 and sterling denominated 7.00% senior secured notes due 2018 (collectively, the “2018 Notes”) and dollar denominated 5.25% senior secured notes due 2021 and sterling denominated 5.50% senior secured notes due 2021 (collectively, the “2021 Notes”).

As previously announced, VMF and VMSF have received the consents of the holders of at least a majority in principal amount of the then outstanding 2018 Notes and 2019 Notes to approve amendments (the “Proposed Amendments”) and waive (the “Proposed Waivers”) certain provisions of the indentures governing the 2018 Notes and 2019 Notes. As of 5:00 pm New York time on February 14, 2013 (the “Expiration Time”) the requisite level of consents for the 2021 Notes had not been received and the consent solicitation related thereto expired and will not be extended.

The Proposed Amendments are effective for each of the 2018 Notes and the 2019 Notes but will be operative only upon the successful conclusion of the planned merger with Liberty Global Inc. VMF and VMSF will make a cash payment of $5.00 per $1,000 in aggregate principal amount of dollar denominated notes held by each holder of the 2018 Notes and 2019 Notes and £5.00 per £1,000 in aggregate principal amount of sterling denominated notes held by each holder of the 2018 Notes and 2019 Notes who has validly delivered their consent prior to the Expiration Time.

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