Market players anticipate that the NTL's bank debt will be refinanced soon and that the bank debt for Telewest will follow in its footsteps. Both names have been ticking up toward par from heavily discounted levels a year ago. The bank debt for the recently restructured UGC Europe, formerly known as United Pan-Europe Communications, is also trading in the 98-991/2 range, depending on the tranche. Cable names, which were once institutions in the distressed loan market in Europe, have been restructured and are making a comeback. Cable valuations in general have been better, noted one buysider. Company officials could not be reached by press time.
Cable Names Enjoy Renaissance