Telewest Global plans to refinance major portion of £1.84 billion credit facility

By Jeff Pines

Washington, July 29 - Telewest Global Inc. said it would need to refinance a "substantial portion" of its £1.84 billion senior secured credit facility, according to a Thursday 6-K filing with the Securities and Exchange Commission.

Telewest obtained the facility in Telewest Communications plc's recent restructuring in which it acquired most of the London-based broadband provider's assets.

Most of the £1.84 billion is due by Dec. 31, 2005. The total size of the facility is £2.03 billion pounds.

"The company does not expect to be able to generate sufficient cash flow to repay that debt on Dec. 31, 2005 and will therefore need to refinance a substantial portion of the amended senior secured credit facility before that date," Telewest said in the SEC filing.

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