NTL Incorporated Receives Requisite Consents from Holders of its 2004 Senior Notes Pursuant to Consent Solicitation
October 05 2006 - 7:35AM
Business Wire
NTL Incorporated (NASDAQ:NTLI) announced today that its subsidiary,
NTL Cable PLC, has received consents from holders of a majority of
its outstanding 9.75% Senior Notes due 2014 (Sterling-denominated)
(the �Sterling Notes�), 8.75% Senior Notes due 2014 (U.S.
Dollar-denominated) (the �Dollar Notes�) and 8.75% Senior Notes due
2014 (Euro-denominated) (the �Euro Notes�), which were issued in
2004 (the �2004 Notes�). To allow holders who are in the process of
delivering their consents to receive the consent payment described
below, the consent solicitation has been extended and will now
expire at 5:00 p.m. New York time on October 6, 2006 (the
�Expiration Date�). There will be no further extensions, and
consents may no longer be withdrawn. The consents are sufficient to
effect the proposed amendments to the indenture governing the
Notes, as described in the Company�s Consent Solicitation Statement
dated September 21, 2006 (the �Statement�), pursuant to which the
consent solicitation was made. NTL Cable PLC will proceed to
execute a supplemental indenture effecting the proposed amendments
to the indenture governing the Notes. NTL Cable PLC will make the
consent payment of �1 for each �1,000 principal amount of Sterling
Notes, $1 for each $1,000 principal amount of Dollar Notes, and �1
for each �1,000 principal amount of Euro Notes for which consents
were received (and not previously validly revoked) prior to the
Expiration Date. NTL Cable PLC retained J.P. Morgan Securities Ltd.
to serve as the exclusive Solicitation Agent for the consent
solicitation. Requests for further information may be directed to
Nigel Walder of J.P. Morgan Securities Ltd. by telephone at +44 20
7777 1074. This press release is not a solicitation of consent with
respect to any securities, and is not open to holders of 2004 Notes
in Italy. The consent solicitation was made solely by the
Statement. Notes to Editors � about ntl:Telewest On 4 March 2006
NTL Incorporated completed a merger with Telewest Global, Inc.,
creating the UK�s largest provider of residential broadband and the
UK�s leading provider of triple play services. The company recently
completed its acquisition of Virgin Mobile. NTL offers a wide range
of communications and entertainment services to more than 5 million
residential customers. ntl:Telewest networks can service more than
12 million homes - 50% of UK households. NTL Incorporated
(NASDAQ:NTLI) announced today that its subsidiary, NTL Cable PLC,
has received consents from holders of a majority of its outstanding
9.75% Senior Notes due 2014 (Sterling-denominated) (the "Sterling
Notes"), 8.75% Senior Notes due 2014 (U.S. Dollar-denominated) (the
"Dollar Notes") and 8.75% Senior Notes due 2014 (Euro-denominated)
(the "Euro Notes"), which were issued in 2004 (the "2004 Notes").
To allow holders who are in the process of delivering their
consents to receive the consent payment described below, the
consent solicitation has been extended and will now expire at 5:00
p.m. New York time on October 6, 2006 (the "Expiration Date").
There will be no further extensions, and consents may no longer be
withdrawn. The consents are sufficient to effect the proposed
amendments to the indenture governing the Notes, as described in
the Company's Consent Solicitation Statement dated September 21,
2006 (the "Statement"), pursuant to which the consent solicitation
was made. NTL Cable PLC will proceed to execute a supplemental
indenture effecting the proposed amendments to the indenture
governing the Notes. NTL Cable PLC will make the consent payment of
GBP 1 for each GBP 1,000 principal amount of Sterling Notes, $1 for
each $1,000 principal amount of Dollar Notes, and EUR 1 for each
EUR 1,000 principal amount of Euro Notes for which consents were
received (and not previously validly revoked) prior to the
Expiration Date. NTL Cable PLC retained J.P. Morgan Securities Ltd.
to serve as the exclusive Solicitation Agent for the consent
solicitation. Requests for further information may be directed to
Nigel Walder of J.P. Morgan Securities Ltd. by telephone at +44 20
7777 1074. This press release is not a solicitation of consent with
respect to any securities, and is not open to holders of 2004 Notes
in Italy. The consent solicitation was made solely by the
Statement. Notes to Editors - about ntl:Telewest On 4 March 2006
NTL Incorporated completed a merger with Telewest Global, Inc.,
creating the UK's largest provider of residential broadband and the
UK's leading provider of triple play services. The company recently
completed its acquisition of Virgin Mobile. NTL offers a wide range
of communications and entertainment services to more than 5 million
residential customers. ntl:Telewest networks can service more than
12 million homes - 50% of UK households.
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