Ropes & Gray Advised Virgin Media O2 on Three Bond Offerings

Ropes & Gray has advised Virgin Media O2 on three recent complex high yield bond issuances. On 21 January 2026, Virgin Media O2 VFN VI DAC, an internal financing SPV, issued $500 million of 8.500% Vendor Financing Notes due 2033. On 30 January 2026, Virgin Media O2 VFN VII DAC and Virgin Media O2 VFN VIII DAC, also internal financing SPVs, issued €550 million of 7.500% Vendor Financing Notes due 2033 and £250 million of 8.875% Vendor Financing Notes due 2033, respectively. The proceeds from the offerings will be used by the applicable issuers to purchase certain Virgin Media O2 receivables and any excess proceeds to be on-lent to Virgin Media O2.

Virgin Media O2, a 50:50 joint venture between Liberty Global and Telefónica, is a leading integrated communications provider of mobile, broadband internet, video, and fixed-line telephony services to residential customers and organizations in the U.K.

The Ropes & Gray team was led by finance partner Rob Haak, with support from associates Dimos Papanikolaou and Matteo Bonacina, and law clerks Lois Elshof and Vincenzo Antonelli, all based in London. Finance partner Alex Robb, together with finance associate Imogen Galilee and trainee Sami Rehman, also based in London, advised on the loan financing aspects of the transaction.

Ropes & Gray’s London finance team is a leading legal adviser in public and private high yield markets. The team is committed to supporting issuers and borrowers in promoting their financing objectives and brings a depth of knowledge and experience to complex cross-border transactions.