Ropes & Gray Advised Virgin Media O2, Sunrise Communications and Vodafone Ziggo on Six Bond Transactions

In September and October 2025, Ropes & Gray has advised Virgin Media O2, Sunrise Communications AG (Sunrise) and Vodafone Ziggo on six high yield bond transactions. The transactions comprised of:

• Virgin Media O2: (i) two recent privately placed add-on bond issuances in respect of €200 million of 5.625% Senior Secured Notes due 2032 and $200 million of 7.750% Senior Secured Notes due 2032 and (ii) a high-yield bond offering of $850 million Senior Secured Notes due 2033, each issued by VMED O2 UK Financing I plc;
• Sunrise Communications AG (Sunrise): (i) a privately placed bond add-on issuance of €385 million of 4.625% Senior Secured Notes due 2032 by Sunrise Finco I B.V. and (ii) a term loan facility AAA1 of $650 million entered into by Sunrise Financing Partnership; and
• Vodafone Ziggo: two high-yield bond offerings in respect of $600 million Senior Secured Notes due 2033 and €650 million Senior Secured Notes due 2033, each issued by VZ Secured Financing B.V.

The Ropes & Gray team was led by finance partner Rob Haak, with finance associates Alma Yasin, Facundo Nazur, Alexandra S. Elphick, all based in London and Jesan Ataharul and Susmitha Kudaravalli, based in Boston. Finance partner Alex Robb with finance associates Chad Parkinson, Benjamin Cooper, Oscar H. Burman, Adam J. North and Kahill Sarronwala and trainee Sami Rehman and Eloise Edwards-Hedges, all based in London, advised on the loan financing aspects of the transactions.

Ropes & Gray's London finance team is a leading legal adviser in public and private high yield markets. Its London finance team is committed to supporting issuers and borrowers in promoting their sustainable finance objectives and has a depth of knowledge and experience in this area.