NTL takes up high-yield reins



NTL will return to the high-yield market with £800 million equivalent of 10-year senior notes. The bonds, which are sold through new subsidiary NTL Cable, will be issued in euros, sterling and dollars.

NTL emerged from bankruptcy last year after Europe’s largest corporate default. The proceeds will be used to help repay NTL’s £2.785 billion outstanding senior credit facility. NTL is also borrowing £2.425 billion through a syndicated bank loan.

Moody’s and Standard & Poor’s rate the bonds B3/B-

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