Community Fibre has signed a new finance facility provided and arranged by JP Morgan, Barclays, LBBW, SIMCo (Sequoia Investment Management Company) and Alpha Bank.
Mon, 18/11/2024 - 11:21
TalkTalk is nearing completion of refinancing, following a cash injection of £235m made available by its existing shareholders, the company has said in a recent update.
Further to announcements on 12th August and 2nd and 16th September, in which progress on the terms of new funding from existing shareholders and the extension of current debt maturities were set out, this refinancing is now proceeding to completion.
As part of the transaction, £235m of new cash facilities have been made available to TalkTalk by its existing shareholders.
At completion, certain existing shareholders will also contribute additional assets to the company, with Revolving Credit Facilities (RCF) and Senior Secured Notes (SSN) being replaced with new facilities maturing in September 2027 and March 2028.
One hundred percent of TalkTalk’s RCF lenders have approved the terms of the funding and maturity extensions and the terms of the RCF will be duly amended.
To implement the funding and maturity extensions, TalkTalk is required to issue to all SSN holders an Exchange Offer and Consent Solicitation document which was circulated in mid-November and which is open for acceptance for 20 business days from and including the launch date. The necessary consent level is 90 percent.
Completion of the refinancing facilities is expected to follow shortly after the 20 business days open for acceptance of the Exchange Offer and Consent Solicitation document.