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Virgin Media launches senior notes exchange offer

Virgin Media has commenced an offer to exchange any and all of the US$1bn (€797m) aggregate principal amount of 6.50% senior secured notes due 2018 and £875m (€1bn) aggregate principal amount of 7.00% senior secured notes due 2018 for a like amount of Virgin Media Secured Finance PLC’s new 6.50% senior secured notes due 2018 and 7.00% senior secured notes due 2018, respectively.

The exchange offer is being made to satisfy Virgin Media’s obligations under a registration rights agreement entered into on January 19 in connection with the original issuance of the outstanding notes, and does not represent a new financing transaction. Virgin Media will not receive any further proceeds from the exchange offer.