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NTL to get £475 million of incremental bank debt with Virgin Mobile purchase
By Sara Rosenberg
New York, April 4 - NTL Inc. plans to obtain £475 million in additional bank debt to help fund its acquisition of Virgin Mobile Holdings plc and refinance Virgin Mobile debt, according to an 8-K filed with the Securities and Exchange Commission Tuesday.
The new bank debt will be comprised of a £175 million add-on to the company's five-year term loan A and a £300 million 61/2-year tranche B-1 facility.
When the company completed its £3.3 billion senior secured credit facility in March, the lenders had agreed to provide this incremental loan financing if an acquisition agreement was reached with Virgin Mobile.
On April 4, it was announced that a purchase was agreed upon, under which Virgin Mobile shareholders may elect to receive £3.72 in cash per share, 0.23245 shares of NTL stock or 0.18596 NTL shares plus £0.67 in cash.
NTL is a London-based communications company.
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