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NTL Cable says majority of holders consent to amend notes issued in 2004
By Laura Lutz
Des Moines, Oct. 5 - NTL Inc. announced that its subsidiary, NTL Cable plc, has received the necessary 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 also extended the consent solicitation to 5 p.m. ET on Oct. 6 from Oct. 4 in order to allow holders who are in the process of delivering their consents to receive the consent payment.
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 majority of noteholders have already submitted consents that allow the company 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 amendments will require NTL Cable plc to furnish the trustee with quarterly and annual reports of NTL Inc.
When it announced the consent solicitation, NTL said that if it received the necessary consents, it tentatively planned 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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