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18/04/2002
NTL plan recapitalisation of debt into equity
NTL Incorporated has announced that it has reached an agreement in principle on a comprehensive recapitalisation of the company following consultation with an unofficial committee of its public bondholders.
The members of the committee hold in the aggregate over 50 per cent of the face value of NTL and its subsidiaries’ public bonds. The recapitalisation would result in a conversion of approximately $10.6 billion in debt into equity.
During the recapitalisation process, NTL aim to maintain an uninterrupted service.
To facilitate the recapitalisation, certain members of the unofficial committee of bondholders would commit to provide up to $500 million of new financing to the company’s UK and Ireland operations. This new financing will ensure that the company’s business operations have access to sufficient liquidity to continue ordinary operations.
Commenting on the agreement in principle, the Company's President and CEO, Barclay Knapp, said: “The agreement in principle we are announcing is a major step towards our goal of ensuring the successful completion of the recapitalisation that NTL announced in January.
"We are currently working with all parties in our capital structure, including the company’s bank lenders, to finalize these arrangements.”
Under the agreement in principle, NTL would be split into two companies, one tentatively called NTL UK and Ireland, holding all of its UK and Ireland assets, and one tentatively called NTL Euroco, holding certain of its continental European and other assets.
The company’s current bondholders would in the aggregate receive 100 per cent of the initial equity of NTL UK and Ireland and approximately 86.5 per cent of the initial equity of NTL Euroco.
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The members of the committee hold in the aggregate over 50 per cent of the face value of NTL and its subsidiaries’ public bonds. The recapitalisation would result in a conversion of approximately $10.6 billion in debt into equity.
During the recapitalisation process, NTL aim to maintain an uninterrupted service.
To facilitate the recapitalisation, certain members of the unofficial committee of bondholders would commit to provide up to $500 million of new financing to the company’s UK and Ireland operations. This new financing will ensure that the company’s business operations have access to sufficient liquidity to continue ordinary operations.
Commenting on the agreement in principle, the Company's President and CEO, Barclay Knapp, said: “The agreement in principle we are announcing is a major step towards our goal of ensuring the successful completion of the recapitalisation that NTL announced in January.
"We are currently working with all parties in our capital structure, including the company’s bank lenders, to finalize these arrangements.”
Under the agreement in principle, NTL would be split into two companies, one tentatively called NTL UK and Ireland, holding all of its UK and Ireland assets, and one tentatively called NTL Euroco, holding certain of its continental European and other assets.
The company’s current bondholders would in the aggregate receive 100 per cent of the initial equity of NTL UK and Ireland and approximately 86.5 per cent of the initial equity of NTL Euroco.
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