Virgin Media pays back debt ahead of schedule

UK cable operator Virgin Media has paid £178m of corporate debt ahead of schedule using cash from its balance sheet.

The company said that the full redemption of these senior notes, originally issued in April 2004 and due in 2014, meant it had paid a total of approximately £815 million of debt in the last three years from the cash flow generated by the business. The early repayment means the company has no principal amount over £200 million due in any single year until 2015.