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Virgin Media Bonds Slightly Higher Again On NetCo Stake Sale Reports

COMMUNICATIONS

VMED bonds slightly higher this morning for moves since Thursday’s close of +60c/+21c/+53c after Friday’s reports of plans for a minority Netco stake sale. Analysts have in the past expressed concern around the loss of ownership of a strategic asset and possible payout of any proceeds though Friday’s report saw positive price action in the absence of more definitive information.


  • BBG news reported on Friday that VMO2 seeks to raise over GBP 1bn by selling a 20%-40% stake in its newly created GBP 5bn NetCo.
  • VM02 bonds contain Change of Control puts at 101 for “the sale, lease, transfer" etc. of "all or substantially all of the assets of the Issuer" with carveout for JV assets.
  • Given the size of the deal we view the moves coming on the fundamentals of the deal but not a CoC trigger.
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