Virgin Media’s £350 Million Receivables Financing Notes Offering


Ropes & Gray advised Virgin Media on the structuring of the first ever issuance of receivables financing notes.

The RFNs are secured on accounts payable by the Virgin Media group, while the Issuer’s excess cash is lent to the Virgin Media. The structure is a significant development in the supply chain finance market since it allows corporates to term out their accounts payable until the maturity of the RFNs – in this case eight years.

The London-based Ropes & Gray team that advised on this deal was led by high yield partners Jane Rogers (Picture) and Robert Haak, who act for Virgin Media’s parent, Liberty Global plc, on all of their high yield issuances across their operating businesses. They were assisted by associates Monsiree Jirasarunya and Samantha Greer. Securitization partner Chris McGarry advised on the securitization aspects of the deal.

Involved fees earner: Jane Rogers – Ropes & Gray; Robert Haak – Ropes & Gray; Monsiree Jirasarunya – Ropes & Gray; Samantha Greer – Ropes & Gray; Chris McGarry – Ropes & Gray;

Law Firms: Ropes & Gray;

Clients: Liberty Global; Virgin Media;