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Virgin Media Offers GBP750 Million Senior Secured Notes Due 2021

LONDON -(Dow Jones)- Virgin Media Inc. (VMED), a U.K. entertainment and communications business, said Wednesday its wholly-owned subsidiary Virgin Media Secured Finance PLC intends to offer, subject to market and other conditions, GBP750 million equivalent senior secured notes due 2021 in a private placement to qualified institutional buyers. MAIN FACTS: -Virgin Media intends to use the net proceeds from the notes offering to prepay a portion of its A and B Tranches under its senior credit facility. -Specifically, Virgin Media intends to prepay GBP533 million of its A Tranche, thus eliminating all scheduled amortization in 2011 through to the end of 2014, and apply any remaining net proceeds to repay partially its B Tranche currently scheduled for payment in 2015. -Shares in London at 0915 GMT down 10 pence, or 0.6%, at 1668 pence valuing the company at GBP5.38 billion. -By Ian Walker, Dow Jones Newswires; 44-20-7842-9296; [email protected]

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