TalkTalk has announced an update on its refinancing regarding the extension of the maturities of the Company’s secured debt.
The Salford-based telecoms giant said 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.”
The announcement in full read: “Further to the announcement on 2nd September, the Company is pleased to announce that additional RCF lenders and bondholders have entered into the binding Lock-Up Agreement supporting the transaction.
As of 16th September 2024, 100% of the RCF and over 97% of bondholders have now signed up to the binding Lock-Up Agreement.
The level of support from lenders means the Company can now implement the transaction consensually via contractual amendments under the RCF and a consent solicitation and exchange offer, which is expected to be the quickest and most cost-effective implementation route.
The Company thanks creditors and stakeholders for their ongoing support and looks forward to closing the transaction in the coming months.”
