Sep 2016: Virgin Media has securitised its payables by the issue of Receivables Financing Notes (RFNs) - - said by law firms Ropes & Gray and Allen and Overy to be the first such issue. R&G add:
"[The issue] raised £350m, Ropes & Gray advised on the structuring of the first ever issuance of receivables financing notes (RFNs). 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." Full press release here.
An announcement by Fitch on Reuters is here