Virgin Media to raise US$1bn

UK cable operator Virgin Media has announced plans to raise US$1bn (€707m) from a two-part bond.

The total bond includes a US$750m tranche and a €180m tranche and is due in 2016. The sale of the notes is expected to close on June 3, subject to satisfaction of customary closing conditions.

Virgin Media intends to use the net proceeds to prepay a portion of the outstanding loans under its senior credit facilities.