TalkTalk to repay revolver debt via sale of new notes

By Tali Rackner

Norfolk, Va., Jan. 9 – TalkTalk Telecom Group plc plans to repay borrowings under its revolving credit facilities with the proceeds from a new £300 million senior note offering, according to a market source.

Proceeds from the five-year notes will also be used to pay the fees and expenses incurred in connection with the offering.

The transaction is expected to strengthen TalkTalk’s financial position by extending its debt maturity profile and diversifying its funding sources, and is consistent with the company’s approach of reducing leverage to a target of 2 times net debt/EBITDA, according to a filing with the London Stock Exchange.

TalkTalk is a London-based provider of pay television, telecommunications, internet and mobile network services.

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