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Exhibit 99.1
FOR IMMEDIATE RELEASE
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NTL INCORPORATED ANNOUNCES NTL COMMUNICATIONS CORP.
PRICING OF $500 MILLION OF SENIOR NOTES
New York, New York (September 28, 2000). -- NTL Incorporated (Nasdaq and Easdaq:
NTLI) announced today that it's wholly-owned subsidiary NTL Communications Corp.
had priced an offering of $500 million aggregate principal amount of senior
notes (the "Notes").
The Notes will pay cash interest semi-annually at the rate of 11.875 % per
annum and will mature in 2010. The Notes were priced at 97.872 % raising $489
million in gross proceeds to the Company.
Following the offering, the lenders commitments under the NTL
Communications Limited, pound sterling 1,300 million credit agreement, which was
put in place at the time of the acquisition of the residential cable, business
cable, indirect residential telephony, residential internet and digital
television development and services business of Cable & Wireless Communications
plc will be reduced by approximately half of the proceeds of the offering. The
remainder will be used to finance construction, capital expenditure, working
capital requirements and to make acquisitions of businesses and assets.
The Notes will not have been registered under the Securities Act of 1933,
as amended (the "Securities Act"), or any state securities laws, and unless so
registered, may not be offered or sold except pursuant to an exemption from, or
in a transaction not subject to, the registration requirements of the Securities
Act and applicable state securities laws.
Accordingly, the Notes will be offered and sold within the United States
under Rule 144A only to "qualified institutional buyers" and outside the United
States in accordance with Regulation S under the Securities Act.
* * * * *
FOR FURTHER INFORMATION, PLEASE CONTACT:
IN THE U.S.:
John F. Gregg, Senior Vice President -- Chief Financial Officer
Richard J. Lubasch, Executive Vice President -- General Counsel
Bret Richter, Vice President -- Corporate Finance and Development
Amy Minnick, Investor Relations
Tel: (212) 906-8440, or via e-mail at investor [email protected]
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IN THE UK:
Alison Kirkwood Tel: +44 1256 752 662
Malcolm Padley Tel: +44 1256 752 664
Will Robson Tel: +44 1256 752 661
