& cplSiteName &

Virgin Hopes to Get Credit

Michael Harris
BroadBananas
Michael Harris
10/15/2008
50%
50%

11:10 AM -- Earlier this month, U.K. cable MSO Virgin Media Inc. (Nasdaq: VMED) informed investors it was making moves to avoid its own credit crisis. (See Virgin Seeks Debt Amendment.)

Virgin said it was “seeking the consent of its senior lenders to amendments to its senior facilities agreement which would, alongside other changes, roll back bank amortization payments owed to participating lenders to June 2012.” Those payments are in service of £4.3 billion ($7.5 billion) in loans, plus a £100 million ($174.8 million) revolving credit line.

Virgin said it had originally planned to find a new credit facility by mid-2009. However, given the global financial meltdown, the MSO decided it would be better not to count on it.

Later in the day, the Financial Times reported that Virgin is making progress:

According to FT:

Virgin Media said that it had the "unanimous support" of its 10 biggest bank lenders. They represent between 45 and 50 per cent of the £4.3bn in loans that the cable group has outstanding, according to people familiar with the structure of the debt.


The support puts Virgin close to winning the consent of two thirds of its lenders needed to change its credit agreement terms.

Other MSOs with their own credit concerns are undoubtedly watching closely.

— Michael Harris, Chief Analyst, Cable Digital News

(0)  | 
Comment  | 
Print  | 
Newest First  |  Oldest First  |  Threaded View        ADD A COMMENT
More Blogs from BroadBananas
Top MSO is still pilfering more subs than the two largest telcos
Why didn't anyone pitch femtocells to the McCain family?
Why take your chances on over-the-air converter boxes when you can get a screaming deal on basic cable?
With TV, as with phone service, the freshest competitors tend to satisfy the most
Featured Video
From The Founder
John Chambers is still as passionate about business and innovation as he ever was at Cisco, finds Steve Saunders.
Flash Poll
Upcoming Live Events
September 12, 2018, Los Angeles, CA
September 24-26, 2018, Westin Westminster, Denver
October 9, 2018, The Westin Times Square, New York
October 23, 2018, Georgia World Congress Centre, Atlanta, GA
November 6, 2018, London, United Kingdom
November 7-8, 2018, London, United Kingdom
November 8, 2018, The Montcalm by Marble Arch, London
November 15, 2018, The Westin Times Square, New York
December 4-6, 2018, Lisbon, Portugal
All Upcoming Live Events
Hot Topics
Adtran Will Be a 5G Winner, Says Analyst
Iain Morris, News Editor, 7/19/2018
Trump Trashes EU's $5B Google Fine
Dan Jones, Mobile Editor, 7/19/2018
Get Off My Wireline Lawn!
Carol Wilson, Editor-at-large, 7/17/2018
Eurobites: EU Socks Google With $5B Monster-Fine for Android Control-Freakery
Paul Rainford, Assistant Editor, Europe, 7/18/2018
Netflix Is Growing, but Don't Ask by How Much
Phil Harvey, US News Editor, 7/16/2018
Upcoming Webinars
Webinar Archive
Animals with Phones
Casual Tuesday Takes On New Meaning Click Here
When you forget your pants.
Latest Comment
Live Digital Audio

A CSP's digital transformation involves so much more than technology. Crucial – and often most challenging – is the cultural transformation that goes along with it. As Sigma's Chief Technology Officer, Catherine Michel has extensive experience with technology as she leads the company's entire product portfolio and strategy. But she's also no stranger to merging technology and culture, having taken a company — Tribold — from inception to acquisition (by Sigma in 2013), and she continues to advise service providers on how to drive their own transformations. This impressive female leader and vocal advocate for other women in the industry will join Women in Comms for a live radio show to discuss all things digital transformation, including the cultural transformation that goes along with it.

Like Us on Facebook
Twitter Feed