Virgin Media Inc. (NASDAQ:VMED) (LSE:VMED), a leading UK entertainment and communications business, today announced that it has successfully completed the syndication of a term loan B facility in an aggregate principal amount of £675 million under its new senior facilities agreement. The term loan B facility will bear interest at a rate of LIBOR plus 375 basis points and the final maturity date will be 31 December 2015. It is expected that the lenders that have been allocated participations in the term loan B facility will enter into commitment documentation shortly. Drawdown under the new senior credit facilities is expected to occur promptly after those commitments are fully documented, subject to customary closing conditions.

As previously announced, Virgin Media intends to use any proceeds from the term loan A and term loan B facilities under the new senior facilities agreement, among other things, to refinance its existing senior facilities agreement in full. The revolving credit facility will be available to finance ongoing working capital requirements and general corporate purposes.

Forward-Looking Statements

Virgin Media cautions you that statements included in this press release that are not a description of historical facts are forward-looking statements that involve risks, uncertainties, assumptions and other factors which, if they do not materialize or prove correct, could cause Virgin Media’s results to differ materially from historical results or those expressed or implied by such forward-looking statements. Certain of these factors are discussed in more detail under “Risk Factors” and elsewhere in Virgin Media’s annual report on Form 10-K as filed with the U.S. Securities and Exchange Commission (SEC) on February 26, 2010. There can be no assurance that the transactions contemplated in this announcement will be completed. Virgin Media assumes no obligation to update any forward-looking statement included in this announcement to reflect events or circumstances arising after the date on which it was made.

Copyright Business Wire 2010