Refinancing Update: Binding Agreement
Further to the announcement on 12th August, the Company is pleased to announce that a binding agreement on detailed terms of the refinancing transaction has been reached regarding extension of the maturities of the Company’s secured debt, being Revolving Credit Facilities (“RCF”) maturing November 2024 and Senior Secured Notes (“SSN”) maturing February 2025.
The Company has entered into a binding lockup agreement in support of the transaction with its major shareholders, RCF banks and a group of SSN holders, which together hold approximately 70% of the Company's secured debt.
The transaction will leave the Company well-funded to deliver the respective strategic plans of PlatformX Communications (PXC) and TalkTalk, continuing to capitalise on their strong positions in the market.
In conjunction with this binding agreement, the shareholders have over the weekend provided £170m of financing to the Group, in addition to the £65m provided in August.
As announced on August 12th, the agreed terms include:
- Provision of £235m of funding from Shareholders in aggregate
- The contribution of other assets into the Group by the Shareholders, including the Virtual1 business, and the OVO and Shell branded customer bases, and
- The extension of the first RCF and SSN maturities to September 2027
The Company will now move to the implementation phase of the transaction which is expected to close in the next few months.
- Ends –
For further information, please contact:
TalkTalk Press Office
press.office@talktalkplc.com