Virgin’s debt is restructured

Virgin Media yesterday announced the completion of a three-year refinancing programme it says has “fundamentally changed the capital structure” of the business.

Over three years, Virgin has switched its debt mix from near-term to longer-term bond debt, which it says is at “attractive” rates. The company has issued $1bn of convertible notes, £1.7bn of senior unsecured notes and £1.5bn of senior secured notes. It also amended its senior credit facilities in 2008 and again in 2009 to improve repayment options and flexibility.