LONDON (AFX) - NTL Inc, the heavily indebted cable television group, has
moved a step closer to emerging from Chapter 11 bankruptcy protection with the
announcement that 630 mln usd of standby funding provided by the group's
existing bondholders will be rolled into new seven-year bonds, the Financial
Times reported citing details released on Wednesday.
The company will replace its existing facility -- of which only 220 mln usd
has been drawn down -- with the issue of 500 mln usd of bonds maturing in
January 2010.
The bonds will pay a high headline yield of 19 pct. However, the company
said the cost of the debt was lower than a yield range of "23 to 25 pct" that
had been previously discussed.
The details of the group's restructuring came as it emerged that Morgan
Stanley, one of the advisers to NTL on its shake-up, is suing the cable TV
company for 11.4 mln usd in alleged unpaid fees dating back to 1999. NTL
confirmed the lawsuit on Wednesday but refused to comment further, the newspaper
said.
2Waytraffic stock quotes
2Waytraffic stock charts
Follow this thread
