0001570585-19-000137.txt : 20190514 0001570585-19-000137.hdr.sgml : 20190514 20190514165059 ACCESSION NUMBER: 0001570585-19-000137 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20190508 ITEM INFORMATION: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant FILED AS OF DATE: 20190514 DATE AS OF CHANGE: 20190514 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Liberty Global plc CENTRAL INDEX KEY: 0001570585 STANDARD INDUSTRIAL CLASSIFICATION: CABLE & OTHER PAY TELEVISION SERVICES [4841] IRS NUMBER: 981112770 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35961 FILM NUMBER: 19823502 BUSINESS ADDRESS: STREET 1: 161 HAMMERSMITH ROAD CITY: HAMMERSMITH STATE: X0 ZIP: W6 8BS BUSINESS PHONE: 303-220-6600 MAIL ADDRESS: STREET 1: 1550 WEWATTA ST, STREET 2: SUITE 1000 CITY: DENVER STATE: CO ZIP: 80202 FORMER COMPANY: FORMER CONFORMED NAME: Liberty Global Corp Ltd DATE OF NAME CHANGE: 20130227 FORMER COMPANY: FORMER CONFORMED NAME: Lynx Europe Ltd. DATE OF NAME CHANGE: 20130226 8-K 1 a5-13x19vmedseniorsecuredn.htm 8-K Document


 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
 
CURRENT REPORT
 
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
Date of report (Date of earliest event reported): May 8, 2019
 
 
Liberty Global plc
(Exact Name of Registrant as Specified in Charter)
 
 
England and Wales
 
001-35961
 
98-1112770
(State or other jurisdiction
of incorporation)
 
(Commission File Number)
 
(IRS Employer
Identification #)
 
Griffin House, 161 Hammersmith Rd, London, United Kingdom
W6 8BS
(Address of Principal Executive Office)
 
+44.208.483.6449 or 303.220.6600
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
 
 
 
Class A ordinary shares
LBTYA
Nasdaq Global Select Market
Class B ordinary shares
LBTYB
Nasdaq Global Select Market
Class C ordinary shares
LBTYK
Nasdaq Global Select Market
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
o      Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company o
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
 





Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On May 8, 2019, Virgin Media Secured Finance PLC (the “Issuer”) (an indirect wholly-owned subsidiary of the Registrant) entered into a purchase agreement (the “Purchase Agreement”) with, among others, Credit Suisse Securities (Europe) Limited, as dollar representative of the several dollar initial purchasers named therein (the “Dollar Initial Purchasers”) and Deutsche Bank AG, London Branch, as sterling representative of the several sterling initial purchasers named therein (the “Sterling Initial Purchasers”), pursuant to which the Issuer agreed to sell, subject to the terms and conditions set forth therein, $825.0 million aggregate principal amount of its 5.50% senior secured notes due 2029 (the “Dollar Notes”), at par, to the Dollar Initial Purchasers and £300.0 million ($390.2 million at the May 8, 2019 exchange rate) aggregate principal amount of its 5.25% senior secured notes due 2029 (the “Sterling Notes” and together with the Dollar Notes, the “Notes”), at par, to the Sterling Initial Purchasers, in each case, in a private offering in accordance with Rule 144A and Regulation S under the Securities Act of 1933, as amended. Each series of Notes will mature on May 15, 2029. Interest on each series of the Notes will be payable semi-annually in arrears on each May 15 and November 15, beginning on November 15, 2019.

On May 16, 2019 (the “Issue Date”), subject to the terms and conditions of the Purchase Agreement, the Sterling Notes will be issued to the Sterling Initial Purchasers and the Dollar Notes will be issued to the Dollar Initial Purchasers pursuant to an indenture (the “Indenture”), to be dated the Issue Date, between the Issuer and BNY Mellon Corporate Trustee Services Limited as trustee.

The Issuer is a finance subsidiary of Virgin Media Investment Holdings Limited (“VMIH”) with no significant assets of its own other than its intercompany loans to VMIH or any other parent entity.

The following description of the Notes and the transactions contemplated thereby are not complete and are subject to and qualified in their entirety by reference to the Indenture to be dated the Issue Date, which will be filed when available.

Use of proceeds

The net proceeds from the issuance of the Notes will be used to redeem in full (i) the 5.50% sterling-denominated senior secured notes due 2025 issued by the Issuer, (ii) the 5.50% dollar-denominated senior secured notes due 2025 issued by the Issuer and (iii) the 6.375% sterling-denominated senior notes due 2024 issued by Virgin Media Finance PLC.

Optional redemption

Subject to the below, each series of Notes are non-callable until May 15, 2024.

At any time prior to May 15, 2024, the Issuer may redeem some or all of each series of the Sterling Notes and/or Dollar Notes, as applicable, at a price equal to 100% of the principal amount of each series of the Sterling Notes and/or Dollar Notes, as applicable, redeemed plus accrued and unpaid interest, if any, to (but excluding) the redemption date plus a “make-whole” premium, which is the present value of all remaining scheduled interest payments to the redemption date using the discount rate (as specified in the Indenture) as of the redemption date plus 50 basis points.

At any time prior to May 15, 2024, the Issuer may redeem during each twelve-month period commencing with the Issue Date up to 10% of the original aggregate principal amount of the Sterling Notes and/or the Dollar Notes, as applicable, at a redemption price equal to 103% of the principal amount of the Notes redeemed, plus accrued and unpaid interest and additional amounts, if any, to (but excluding) the redemption date.





On or after May 15, 2024, the Issuer may redeem all, or from time to time a part, of the Sterling Notes at the following redemption prices (expressed as a percentage of the principal amount) plus accrued and unpaid interest and additional amounts, if any, to (but excluding) the applicable redemption date (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date), if redeemed during the twelve-month period commencing on May 15 of the years set forth below:
 
 
Redemption Price
Year
 
Sterling Notes
2024
102.6250%
2025
101.3125%
2026 and thereafter
100.0000%

At any time prior to May 15, 2024, the Issuer may redeem up to 40% of the Sterling Notes with the net proceeds of one or more specified equity offerings at a redemption price of 105.250% of the principal amount of the Sterling Notes redeemed, plus accrued and unpaid interest and additional amounts, if any, to (but excluding) the date of redemption.

On or after May 15, 2024, the Issuer may redeem all, or from time to time a part, of the Dollar Notes at the following redemption prices (expressed as a percentage of the principal amount) plus accrued and unpaid interest and additional amounts, if any, to (but excluding) the applicable redemption date (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date), if redeemed during the twelve-month period commencing on May 15 of the years set forth below:
 
 
 
 
 
Redemption Price
Year
 
Dollar Notes
2024
102.750%
2025
101.375%
2026 and thereafter
100.000%

At any time prior to May 15, 2024, the Issuer may redeem up to 40% of the Dollar Notes with the net proceeds of one or more specified equity offerings at a redemption price of 105.500% of the principal amount of the Dollar Notes redeemed, plus accrued and unpaid interest and additional amounts, if any, to (but excluding) the date of redemption.

Change of control

In the event of certain events defined as constituting a change of control, the Issuer may be required to make an offer to purchase the Notes.

Ranking, guarantee and security

The Notes will be senior obligations of the Issuer. The Notes will rank equally in right of payment with all existing and future indebtedness of the Issuer that is not subordinated in right of payment to the Notes and will be senior in right of payment to all existing and future indebtedness of the Issuer that is subordinated in right of payment to the Notes.

The Notes will be guaranteed on a senior basis by Virgin Media Inc. and certain of its subsidiaries and will be secured by liens on substantially all of the assets of VMIH, the Issuer and certain of the guarantors.









SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
LIBERTY GLOBAL PLC
 
 
 
By:
/s/ RANDY L. LAZZELL
 
 
Randy L. Lazzell
 
 
Vice President

Date: May 14, 2019