Virgin Media seeks consent for senior facilities amendment

Cable operator Virgin Media is seeking the consent of its senior lenders to make certain amendments to its senior facilities agreement, under which the principal amount of outstanding debt is £3.1bn (€3.4bn).

The operator said the amendments would provide it with “additional financial flexibility and further strengthen its capital structure”. The amendments would support the refinancing of the existing senior bank debt over time by facilitating the reduction of the principal outstanding amount of senior bank debt to be refinanced. Virgin Media said its top ten relationship banks have unanimously confirmed their support for the proposed amendments, which require the consent of two-thirds of all lenders under the senior facilities agreement. The deadline for lenders to respond to the amendment request is October 30.