Virgin Media Amends Senior Credit Facilities Agreement

Virgin Media Inc. VMED today announced that it has amended its Senior Credit Facilities Agreement to reflect the Company's enhanced credit stature. The amendments to the SCF, among others, reduce the margins payable on the facilities. The applicable margins today for the term loan are 325 basis points over LIBOR and 375 basis points over LIBOR for Tranches A and B respectively. These are being amended to a £750 million term loan with a margin of 212.5 basis points over LIBOR, with the margin subject to reductions based on the Company's leverage in the future. This will come into effect as of the closing date, which is anticipated to be on or around 27 May 2011. The Company is also using £25 million of excess cash flow at its option to reduce the outstanding loan balance. In addition, the total commitments under the Company's revolving facility are being increased from £250 million to £450 million. The maturity of the loan remains 30 June 2015.