Wednesday 27 May 2009 8:00 pm

Virgin Media in debt offering

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UK cable operator Virgin Media said  last night it would price a $650m (£407.1m) offering of new debt before the end of the week, in a bid to pay off debt due in the next two years. The new offering of senior notes will give the US-listed group more breathing room and builds on its agreement with lenders last November to delay looming repayments on its £4.3bn debt pile. The new notes will allow it to cover £136m of amortisation repayments due in September 2010 and £288m due in March 2011 on outstanding loans under its senior credit facilities.