Allen & Overy has acted for the underwriting banks on the term loan facilities equivalent to around USD4.4 billion, a high yield bridge equivalent to around USD900 million, a senior secured note bridge equivalent to around USD2.3bn and other facilities for the financing of Liberty Global's USD23.3bn cash and stock bid for Virgin Media.
Banking partner Philip Bowden commented: "The size of this deal shows the willingness of the markets to back transformational deals, even at a time when deal volumes are historically low. That a deal of this size can be done in the current climate also shows the robustness of the cable sector as an asset class."
The bid will take Liberty Global’s reach to 25 million customers and see the company become a leading player in the European television market, with operations in Germany, Belgium, and other countries across the continent.
London-based Banking partners Philip Bowden, Robin Harvey, Greg Brown and Jonathan Brownson led the deal with high yield advice provided by Kevin Muzilla and derivatives advice provided by ICM partner Daniel Shurman.