TalkTalk and Thames tap in sterling

By Owen Sanderson
28 Jan 2021

UK broadband company TalkTalk sold an add-on to its existing high yield notes this week, raising new term debt to pay down its revolver. The company is subject to a takeover bid from Toscafund and Penta Capital, which will leave its existing bonds in place, but grant them security, as well as layering in extra leverage with a PIK toggle from Ares.

TalkTalk placed a £110m ($151.02m) add-on to its 3.875% 2025s, through HSBC as sole physical bookrunner, joined by Barclays and NatWest Markets as global coordinators. The money will be used to pay down TalkTalk’s £98m of revolver drawings to subsequently cut the size of its revolving credit facilities ...

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