Telewest Signs £2.25bn Refinancing Deal

Telewest has announced the signing of a £2.25bn debt restructuring package, which should see the separate debts of Telewest and Flextech, which merged last year (see Telewest And Flextech Agree Terms Of £2.26bn Merger), merged as part of the deal. The loans mature in 2007, by which time the group is expected to be profitable.

Charles Burdick, Telewest’s group finance director commented: “We are pleased at the commitment and support of 26 major financial institutions in these difficult capital markets. Telewest has the ability to immediately access £2bn and an additional £250m in an institutional tranche. We also have a £500m carve out for vendor and lease financing. This facility not only gives us increased funding capability but also flexibility as we continue to deliver broadband products and services to our customers.”

Telewest: 01483 750 900 www.telewest.co.uk

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