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NTL to issue $500m bonds in refinancing.
(From FT Investor (Stories))
NTL, the heavily indebted cable television group, has moved a step closer to emerging from Chapter 11 bankruptcy protection with the announcement that $630m of standby funding provided by the group's existing bondholders will be rolled into new seven-year bonds.
The company will replace its existing facility - of which only $220m has been drawn down - with the issue of $500m of bonds maturing in January 2010.
The bonds will pay a high headline yield of 19 per cent. However, the company said the cost of the debt was lower than a yield range of "23 to 25 per cent" 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 $11.4m in alleged unpaid fees dating back to 1999.
NTL confirmed the lawsuit on Wednesday but refused to comment further.
NTL, like its competitor Telewest, has been saddled with debt after ...
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