NTL to redeem Triangle debentures, Diamond notes with new-deal proceeds

New York, March 19 - NTL Inc. (Ca/B-) announced plans for a new bond offering and said that it planned to use a portion of the anticipated proceeds to redeem its outstanding NTL (Triangle) LLC debentures due 2007 and its Diamond Holdings notes due 2008.

NTL (Triangle) (Caa2) issued $517.32 million principal amount of the 11.2% senior discount debentures in November 1995. As of last Dec. 18, all were still outstanding as were Diamond Holdings' £135 million of 10% senior unsecured notes due 2008 and $110 million 9 1/8% senor unsecured notes due 2008.

NTL, a New York-based provider of broadband communications services in the United Kingdom and Ireland, said that its wholly-owned, newly-formed subsidiary NTL Cable plc would offer up to approximately £800 million equivalent in new Rule 144A 10-year senior notes, which will be denominated in sterling, dollars and euros.

Besides using a portion of the proceeds to redeem the Triangle debentures and the Diamond Holdings notes, NTL plans to use the remainder of the proceeds from the offering, in conjunction with cash on hand and a new £2.425 billion credit facility at NTL Investment Holdings Ltd., to pay down in full the existing senior credit facility, most of which is due 2005.

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