TalkTalk to raise £500m in bond offering

Salford-based broadband giant TalkTalk Telecom Group said on Monday it launched a £500 million corporate bond offering to refinancing existing debt.

In a stock exchange statement, TalkTalk said: “TalkTalk Telecom Group PLC today announces an offering of £500 million senior notes due 2025.

“The company intends to use the proceeds of the offering to: (a) redeem the entire aggregate principal amount of its outstanding £400 million senior notes due 2022 and pay certain redemption premium and accrued, but unpaid, interest to holders thereof;

“(b) repay (without cancelling commitments) certain principal amounts drawn under its revolving credit facility agreement;

“and (c) pay costs, expenses and fees in relation to the offering and such refinancing transactions.

“The offering and related transactions are expected to strengthen the company’s financial position by extending its debt maturity profile and increasing available capacity under its revolving credit facility.

“There will be no public offering of the notes.

“The notes are being offered and sold in offshore transactions outside the United States in compliance with Regulation S under the U.S. Securities Act of 1933, as amended.

“The notes may not be offered, sold or delivered within the United States (as defined in Regulation S under the U.S. Securities Act), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act.”

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