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Exhibit 99.1
NTL INCORPORATED ANNOUNCES NTL
COMMUNICATIONS CORP. PRICING OF EURO 200 MILLION OF SENIOR NOTES
NEW YORK, Jan. 17/PRNewswire/ -- NTL Incorporated (NYSE: NLI - news; Easdaq:
NTLI) announced today that its wholly-owned subsidiary NTL Communications Corp.
has priced an offering of euro 200 million aggregate principal amount of senior
Euro notes (the "Notes").
The Notes will pay cash interest semi-annually at the rate of 12-3/8% per annum
and will mature in 2008. The Notes were priced at par raising euro 200 million
in gross proceeds to the Company.
Following the offering, the lenders' commitments under the NTL Communications
Limited Pounds 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 for general corporate purposes.
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
