TalkTalk Telecom Group Ltd.

11/15/2024 | Press release | Distributed by Public on 11/15/2024 10:49

Refinancing Update: Proceeding to Completion

Published: 15 November 2024
  • News

Refinancing Update: Proceeding to Completion

Further to announcements on 12th August and 2nd and 16th September, in which progress on the terms of new funding from existing shareholders and the extension of current debt maturities were set out, the Company is pleased to announce that this refinancing is now proceeding to completion.

As part of the transaction, £235m of new cash facilities have been made available to the Company by its existing shareholders. At completion, certain existing shareholders will also contribute additional assets to the company. Revolving Credit Facilities ("RCF") and Senior Secured Notes ("SSN") will be replaced with new facilities maturing in September 2027 and March 2028.

100% of the Company's RCF lenders have approved the terms of the funding and maturity extensions and the terms of the RCF will be duly amended.

In order to implement the funding and maturity extensions, the Company is required to issue to all SSN holders an Exchange Offer and Consent Solicitation document which was circulated today and which is open for acceptance for 20 business days from and including the launch date. The necessary consent level is 90%, and 96% of SSN holders have already entered into a Lock-Up Agreement to support the transaction.

Completion of the refinancing facilities is expected to follow shortly after the 20 business days open for acceptance of the Exchange Offer and Consent Solicitation document.

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For further information, please contact:

TalkTalk Press Office

[email protected]