NTL considers refinancing to pay off debt

5 Mar 2004

Troubled UK cable company NTL has revealed that it is looking into a GBP2.43 billion refinancing programme as part of a plan to pay off its long-term debt. The operator, which is US-listed emerged from Chapter 11 bankruptcy protection last year after it took part in a GBP6.98 billion debt-for-equity swap. If the refinancing goes ahead, the proposed facility will be provided by Credit Suisse First Boston, Deutsche Bank, Goldman Sachs and Morgan Stanley.

Meanwhile, NTL has reported that it has dramatically narrowed its net loss for 2003 from USD2.38 billion in 2002 to USD954 million. It attributed the positive result to a restructuring scheme implemented in 2002.

United Kingdom