Shares in the New York-traded UK cable company closed regular trade at $12.37, down $1.63 or 11.64%.
The price was up marginally by $0.08 or 0.65% in the after-hours to $12.45.
This latest drop amounts to more than a 50% decline in it share price since a $29.39 high last July.
Virgin plans to use the net proceeds from the offering combined with existing cash reserves to prepay a portion of its outstanding 'A' and 'B' loans under its senior credit facilities.
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