June 04, 2009

Berkett's billion (no, not his bonus)

According to a finance-jargon-packed Virgin press release the company's complex refunding of its considerable debt has been quickly completed:
Neil Berkett, chief executive of Virgin Media, said: "Our successful raising of $1 billion in bonds, particularly in the current market, demonstrates the confidence investors have in our business and growth prospects. We have prudently managed our debt and continue to generate strong levels of cashflow whilst executing a financially disciplined strategy. Our business is in excellent shape and we continue to deliver a differentiated and highly competitive consumer proposition which exploits our strengths in next generation broadband and video-on-demand."
"Differentiated consumer proposition" that is, as in "our competition has loads of high definition channels...and we have one" ;o)

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