Virgin Media, a UK entertainment and communications business, has entered into a new senior facilities agreement, under which Deutsche Bank, BNP Paribas, BofA Merrill Lynch, Crédit Agricole Corporate and Investment Bank, GE Capital, Goldman Sachs International, JP Morgan, Lloyds TSB Corporate Markets, RBS and UBS have agreed to make available to certain subsidiaries of Virgin Media a term loan A facility in an aggregate principal amount of £1.0bn and a revolving credit facility in an aggregate principal amount of £250m.
Drawdown under both facilities is subject to certain conditions, including Virgin Media obtaining additional commitments in the form of term loan B facilities or other financing in an aggregate principal amount of at least £600m. The term loan A facility and the revolving credit facility will bear interest at a rate of LIBOR plus 350 basis points, subject to adjustments.
The final maturity date of both facilities will be 30 June 2015 and the principal repayments under the term loan A facility will be scheduled as follows: 30 June 2011 – £150m; 30 June 2012 – £175m; 30 June 2013 – £200m; 30 June 2014 – £200m; 30 June 2015 – £275m.
Virgin Media also announced that it is launching a syndication process pursuant to which it will seek to obtain commitments for term loan B facilities under the new senior facilities agreement in an aggregate principal amount of up to £750m. The syndication will be conducted on a best efforts basis, led by the same banks that are lenders under the term loan A facility and the revolving facility, in their capacity as bookrunners and mandated lead arrangers. No term loan B facilities are currently committed and the interest rate and certain other terms of any term loan B facilities will be determined as part of the syndication process.
Virgin Media intends to use any proceeds from the term loan A facility and any 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.
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