UK cable operator NTL – which has amassed long-term debts of almost £10 billion – yesterday unveiled plans to allay fears about its finances by raising up £350 million ($500m).

The money will be raised in convertible notes, which can be swapped for NTL shares, lifting the funds raised so far this year to over £1bn. The influx of cash will be used to finance the company for the next three years.

News of the fund-raising came as NTL posted a 32% rise in first-quarter EBITDA (earnings before interest, taxes, depreciation and amortization) to $125m. Further results are expected tomorrow.

News source: The Times (London)