NTL Seeks Enhancements to Financing Structure
2006年6月23日 - 7:07PM
ビジネスワイヤ(英語)
NTL Incorporated (NASDAQ:NTLI) announced today that it is seeking
amendments to pricing and tranching under its senior bank
facilities that will improve its financing arrangements. These
proposed amendments will not change the overall debt incurred, and
include: -- increasing NTL's tranche A facilities by GBP 150
million to GBP 3.525 billion -- modifying the tranche B facilities
to a principal amount of GBP 1.350 billion (to be split between
pounds sterling, euros and dollars), and improving the pricing of
the tranche B facilities -- providing NTL with the option to issue
the GBP 600 million in senior unsecured notes intended to refinance
its alternative bridge facility at NTL Investment Holdings Limited
("NTLIH") or a finance subsidiary of that company, or at NTL Cable
plc (the issuer of NTL's currently outstanding bonds). NTL
continues to focus on completing the syndication of the tranche A
and tranche B facilities, and the scheduled closing of the Virgin
Mobile acquisition transaction. About ntl Incorporated (NASDAQ:
NTLI) * On 3 March 2006 ntl Incorporated completed a merger with
Telewest Global, Inc. creating the UK's largest provider of
residential broadband and the UK's leading provider of triple play
services. The company operates under the name of ntl Incorporated.
* ntl offers a wide range of communications and entertainment
services to more than 5 million residential customers. ntl's
networks can service more than 12 million homes - 50% of UK
households - and 85% of UK businesses. * ntl's content division,
Flextech Television provides television channels for the UK
multichannel TV market and owns transactional channels price-drop
TV, bid tv, speed auction tv and screenshop. Flextech owns 6
entertainment channels - LIVINGtv, LIVINGtv 2, Bravo, Challenge,
Trouble, Ftn (plus their time shifted variants) and is a 50%
partner in UKTV which consists of ten channels including UKTV Gold,
UKTV Drama and UKTV History. Together Flextech and UKTV are the
largest supplier of basic channels to the UK pay-TV market. *
Further information about ntl and its products can be found at
www.ntl.com , www.telewest.co.uk or www.flextech.co.uk. "Safe
Harbor" Statement under the Private Securities Litigation Reform
Act of 1995: Various statements contained in this announcement
constitute "forward-looking statements" as that term is defined
under the Private Securities Litigation Reform Act of 1995. Words
like "believe," "anticipate," "should," "intend," "plan," "will,"
"expects," "estimates," "projects," "positioned," "strategy," and
similar expressions identify these forward-looking statements,
which involve known and unknown risks, uncertainties and other
factors that may cause our actual results, performance or
achievements or industry results to be materially different from
those contemplated, projected, forecasted, estimated or budgeted,
whether expressed or implied, by these forward-looking statements.
These factors include: (1) the failure to obtain and retain
expected synergies from the merger with Telewest and the proposed
transaction with Virgin Mobile; (2) rates of success in executing,
managing and integrating key acquisitions, including the merger
with Telewest and the proposed transaction with Virgin Mobile; (3)
the ability to achieve business plans for the combined company; (4)
the ability to manage and maintain key customer relationships; (5)
the ability to fund debt service obligations through operating cash
flow; (6) the ability to obtain additional financing in the future
and react to competitive and technological changes; (7) the ability
to comply with restrictive covenants in NTL's indebtedness
agreements; (8) the ability to control customer churn; (9) the
ability to compete with a range of other communications and content
providers; (10) the effect of technological changes on NTL's
businesses; (11) the functionality or market acceptance of new
products that NTL may introduce; (12) possible losses in revenues
due to systems failures; (13) the ability to maintain and upgrade
NTL's networks in a cost-effective and timely manner; (14) the
reliance on single-source suppliers for some equipment and
software; (15) the ability to provide attractive programming at a
reasonable cost; and (16) the extent to which NTL's future earnings
will be sufficient to cover its fixed charges. These and other
factors are discussed in more detail under "Risk Factors" and
elsewhere in NTL's Form 10-K and NTL Holdings Inc.'s Form 10-K that
were filed with the SEC on February 28, 2006 and March 1, 2006,
respectively. We assume no obligation to update our forward-looking
statements to reflect actual results, changes in assumptions or
changes in factors affecting these statements.
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