NTL Mulls Refinancing Scheme as Losses Shrink

08 March 2004

Cable firm NTL is mulling a refinancing scheme to clear its long-term debt.

The US-listed group -- whose main operations are in the UK -- is considering a new secured credit facility and a high-yield bond issue to pay off £2.79 billion ($5.07bn; €4.16bn) in debts. However, it said there were no assurances "as to the timing or success of any refinancing."

Separately, NTL posted a net loss of $954 million for 2003, far narrower than the $2.38bn shortfall in 2002. Sales surged 12% to $3.65bn.

Data sourced from: Financial Times; additional content by WARC staff