UK cable operator Virgin Media has committed to a new Â£675m (Â425m) term loan B bearing an interest at a rate of LIBOR (London Interbank Offered Rate) plus 375 basis points. The final maturity date will be December 31, 2015. The loan commitments constitute part of Virgin Media’s previously announced refinancing of its existing senior facilities agreement.
It is anticipated that closing under the new senior facilities agreement will take place on April 19, 2010, subject to customary closing conditions.
As previously announced, Virgin Media intends to use the proceeds from the term loan A and term loan B facilities under the new senior facilities agreement, among other things, to refinance its existing senior facilities agreement in full.
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