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| Abstract: | LONDON (Standard&Poor's) April 11, 2008--Standard&Poor's Ratings Services said today that its ratings and outlook on U.K.-based telecommunications provider (VMI) and related entities (B+/Stable/--) are unchanged by the company's announcement that it intends to raise $1 billion convertible bonds due 2016 (including a 30-day over-allotment option to purchase up to $150 million in additional notes). The cash proceeds from these bonds will be used for the early redemption of the £261 million tranche A (due in September 2009) and the £243 million tranche B (due September 2012) loans under its senior credit facilities. This is the second refinancing of near- to medium-term maturities--after the term loan B drawdown in April 2007--and indicates the future strain that medium-term |
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| Brief Excerpt: | RESEARCH Bulletin: Virgin Media Ratings Unaffected By New $1 Billion Convertible Bonds Issue Announcement Publication date: 11-Apr-2008 Primary Credit Analyst: Simon Redmond, London (44) 20-7176-3683; simon_redmond@standardandpoors.com... |
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| Report Type: | |
| Ticker | VMED |
| Issuer | |
| GICS | Broadcasting & Cable TV (25401020) |
| Sector | Corporations, Global Issuers, High Technology, Media & Entertainment, Telecommunications & Cable |
| Country | |
| Region | Europe, Middle East, Africa |
| Format: | | HTML |  |
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