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TalkTalk has formalised the refinancing deal first announced on the 12th August, reported to worth £400m.
The transaction was agreed upon between a group of SSN holders, a group of RCF banks (together representing around 60% of the Company’s secured debt), Ares Management Funds and the Company’s major shareholders.
In conjunction with this binding agreement, the shareholders have over the weekend provided £170m of financing to the Group, in addition to the £65m provided in August.
The company said: “The transaction will leave the Company well-funded to deliver the respective strategic plans of PlatformX Communications and TalkTalk, continuing to capitalise on their strong positions in the market.”
“The Company will now move to the implementation phase of the transaction which is expected to close in the next few months.”
