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NTL Cable solicits consents to amend notes issued in 2004
By Laura Lutz
Des Moines, Sept. 21 - NTL Inc. announced that its subsidiary, NTL Cable plc, is soliciting consents to amend its sterling-denominated 9¾% senior notes due 2014, dollar-denominated 8¾% senior notes due 2014 and euro-denominated 8¾% senior notes due 2014.
The company wants to amend the notes, which were issued in 2004, so their reporting obligations conform to those of the company's notes issued in 2006. It is also proposing amendments to reflect the merger of its former corporate parent, NTL Holdings Inc., with Telewest Global, Inc. to form NTL Inc.
The proposed amendments would require NTL Cable plc to furnish the trustee with quarterly and annual reports of NTL Inc.
NTL Cable will pay consent fees of £1.00 for each £1,000 principal amount of sterling-denominated notes, $1.00 for each $1,000 principal amount of dollar-denominated notes and €1.00 for each €1,000 principal amount of euro-denominated notes.
The consent solicitation expires at 5 p.m. ET on Oct. 4.
NTL said that if it receives the necessary consents, it tentatively plans to provide guarantees of the 2004 notes to match the guarantees of the 2006 notes.
J.P. Morgan Securities Ltd. is the solicitation agent (+44 20 7777 1704).
NTL is a communications and content distribution company in the United Kingdom, with executive offices in New York City and operational offices in Hook, Hampshire, England.
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