Telewest Receives
Cable company, Telewest Communications, is to receive £125 million of additional funding from GE Capital as part of the company’s £2.25 billion bank facility. The capital represents half of a £250 million commitment from institutional investors, as announced in March (see Telewest Signs £2.25bn Refinancing Deal)
Charles Burdick, group finance director of Telewest, said: “This represents continuing support for our business by one of the most respected financial institutions, at a particularly difficult time in the markets.”
“This transaction reaffirms our commitment to UK’s broadband cable sector,” said Sandeep Kamat, managing director, GE Capital Telecom-Europe, which arranged the investment. “As our second transaction with Telewest, this deal reiterates our support for the management team, their strategy and its implementation.”
Shares in Telewest, which hit a twelve month low of 23p in September, were up 7½p at 48½p by mid-afternoon today.
