Salford-based broadband giant TalkTalk Group announced the terms of a major refinancing and confirmed some top-level leadership changes. 

The company said it reached agreement with holders of its February 2025 senior secured notes and a group of banks controlling its revolving credit facility maturing in November – which together account for 60% of the company’s debt – along with Ares Management Funds and the company’s major shareholders.

“The proposed transaction will leave the Company well-funded to deliver the respective strategic plans of PlatformX Communications and TalkTalk, continuing to capitalise on their strong positions in the market,” the company said.

TalkTalk said shareholders have also provided £65 million of interim funding, with an agreement to provide a further £170 million upon execution of binding lock-up arrangements between the parties and the contribution of other assets into the group by its major shareholders and Ares Management Funds, including the Virtual1 business, and the Ovo and Shell branded customer bases. Maturities of the senior secured notes and revolving credit facility in question will be put back to September 2027.

TalkTalk also confirmed already announced leadership changes, with effect from 1st September:  Dame Tristia Harrison will become a non-executive director of the Group; James Smith, current Group CFO, will become Group CEO and will also become CEO of PXC; Tom O’Hagan will take the new role of executive chairman of PXC to focus on strategy and clients. Susie Buckridge remains CEO of TalkTalk, the Group’s consumer business. Sir Charles Dunstone will continue in his role as Group Chairman.