TELEWEST COMMUNICATIONS PLC ANNOUNCES COMPLETION OF ITS FINANCIAL
RESTRUCTURING; COMMON STOCK OF TELEWEST GLOBAL, INC. TO COMMENCE
TRADING ON THE NASDAQ NATIONAL MARKET ON 19 JULY 2004
15 July 2004
London - Telewest Communications plc ("Telewest") today announces that its
financial restructuring has become effective. As a result, all outstanding
notes and debentures of Telewest and its Jersey-based finance subsidiary
have been cancelled, reducing the total outstanding indebtedness of the
business by approximately (pound)3.8 billion, or more than 65%, to
approximately (pound)2.0 billion. As part of the financial restructuring,
Telewest transferred substantially all of its assets and liabilities to a
subsidiary of Telewest Global, Inc. ("Telewest Global"), a holding company
incorporated in the state of Delaware and formed for the purpose of holding
the businesses that have historically comprised Telewest.
Trading in Telewest Global's common stock on the Nasdaq National Market
will commence on 19 July 2004 under the symbol "TLWT". As part of the
financial restructuring, 241,325,000 shares, or 98.5%, of Telewest Global's
common stock will be distributed to the holders of Telewest's and its
Jersey-based finance subsidiary's notes and debentures and certain other
scheme creditors, and 3,675,000 shares, or 1.5%, of Telewest Global's
common stock will be distributed to Telewest's existing shareholders.
Details of the distribution of these shares will be announced tomorrow, 16
July 2004 after 5:00 p.m. (London) when Telewest's and its finance
subsidiary's schemes of arrangement are closed to claims for which no
notice has been received.
Telewest today also successfully completed the amendment of its senior
secured credit facility. The amended facility provides for fully committed
facilities of (pound)2.03 billion.
Cob Stenham, Chairman of Telewest, commented: "Completion of our financial
restructuring puts to end a long and complex process for Telewest and
allows us to focus our full resources on strengthening our position as a
leading broadband communications and media group in the United Kingdom."
Telewest Global's board of directors will include seven directors not
historically associated with the Telewest business: Barry R. Elson (Acting
Chief Executive Officer), William Connors, John H. Duerden, Marnie S.
Gordon, Donald S. La Vigne, Michael McGuiness and Steven R. Skinner. Cob
Stenham, Chairman of the Board of Telewest, will serve as Chairman of
Telewest Global.
"This is a dynamic and experienced group of directors. Their expertise will
be extremely valuable to the Telewest business, and I am looking forward to
working with them", said Stenham.
Telewest ADRs ceased trading on the Nasdaq National Market at 4.30 p.m.
(New York time) on 13 July 2004 and dealings in Telewest shares and debt
securities on the London Stock Exchange ceased at 4.30 p.m. (UK time) on 14
July 2004. The listing of Telewest's shares and debt securities on the
Official List of the UK Listing Authority was cancelled with effect from
8.00 a.m. on 15 July 2004.
ENQUIRIES:
TELEWEST 020 7299 5000
Mary O'Reilly, head of media 020 7299 5888
Richard Williams, head of investor relations 020 7299 5479
CITIGATE DEWE ROGERSON 020 7638 9571
Anthony Carlisle 07973 611888
Telewest Global, the newly-restructured broadband communications and media
group, currently operates a network covering approximately 4.9 million
homes in the UK and provides multi-channel television, telephone and
internet services to approximately 1.74 million UK households, and voice
and data telecommunications services to around 67,000 business customers.
Its content division, Flextech, is the BBC's partner in UKTV. Together they
are the largest supplier of basic channels to the UK pay-TV market. For
further information go to www.telewest.co.uk/media.