The Salford based troubled group Talk Talk have reportedly secured a refinancing deal which will buy the internet and network provider time to resolve their underlying financial woes by extending the group’s debt maturities to 2027
The deal sees the Group’s shareholders agreeing to inject £65m into the Company with a further £170m to follow.
In a statement the Company said
The Company is pleased to announce that the key terms of a refinancing transaction have been agreed between a group of SSN holders, a group of RCF banks (the SSN group and RCF group together represent approximately 60% of the Company’s secured debt), 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 (PXC) and TalkTalk, continuing to capitalise on their strong positions in the market.
In conjunction with this agreement in principle, the Company’s shareholders have today provided £65m of interim funding to the Group.
The Company has for the last few years been struggling with a debt build up of a billion pounds as the Company has so far unsuccesfully tried to demerge parts of its business
