Virgin Media – Refinanced in the nick of time...
From the 10-Q SEC filing just released, it looks as if the CFO has refinanced just in the nick of time…
In April 2007, we amended the senior credit facility and borrowed an additional £890 million under a 5½ year bullet Tranche B5 term loan facility and a 5½ year Tranche B6 term loan facility. We used the net proceeds to repay some of our obligations under the Tranche A and Tranche A1 term loan facilities.
After giving effect to the refinancing in April 2007, the principal payments are scheduled as follows:
Even if Virgin Media don't generate the £475m needed to refinance between now and Sept 2009, the credit squeeze will be more than likely over and they can continue limping along.
- March 31, 2009 - £2.5m
- September 30, 2009 - £474.5m
- March 31, 2010 £526.5m
- September 30, 2010 - £579.4m
- March 3, 2011 - £966.0m
- September 3, 2012 - £-2,203.7m
- March 3, 2013 - £300.0m