Ropes & Gray has advised Virgin Media O2 on two recent complex high yield bond issuances. On 3 April 2024, VMED O2 UK Financing I plc, an internal financing SPV, issued €600 million of its Senior Secured Notes due 2032, in accordance with Virgin Media O2’s Green Bond Framework, and $750 million of its Senior Secured Notes due 2032. The proceeds from the offerings are expected to be used to refinance existing indebtedness of the group over a period of time.
Virgin Media O2 is a 50:50 joint venture that was formed in 2021 between Liberty Global and Telefónica. It is an integrated communications provider of mobile, broadband internet, video and fixed-line telephony services to residential customers and organizations in the U.K. It combines the U.K.’s largest mobile network, with 44.9 million mobile connections and, the largest gigabit broadband network available to 17.0 million homes as of December 31, 2023.
The Ropes & Gray team was led by finance partner Rob Haak, with finance associates Shabdita Gupta, Alma Yasin, Priyambada Das and Lucrezia Sperzani all based in London. Finance partner Alex Robb with finance associates Chad Parkinson, Benjamin Cooper and Kahill Sarronwala, also based in London, advised on the loan financing aspects of the transaction.
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