NTL to issue USD500 million new bonds

6 Jan 2003

NTL has taken a step closer to emerging from Chapter 11 bankruptcy protection with the announcement that it will issue USD500 million of bonds maturing in January 2010. The bonds will pay a high headline yield of 19%. The restructured NTL will have debts of around USD4 billion, including USD3.2 billion of bank debt. As part of the overall plan USD6.7 billion of bond debt is being swapped into equity, giving bondholders control of the company.