Exhibit 99.1
TELEWEST ANNOUNCES EXECUTION OF POUND 1.8 BILLION
LOAN AGREEMENT DOCUMENTATION
London, 21 December 2004--Telewest Global, Inc. (Nasdaq: TLWT) today
announces that the Telewest group executed final documentation relating to
new pound 1.8 billion credit facilities. Barclays Capital, BNP Paribas,
Citigroup Global Markets Limited, Credit Suisse First Boston, Deutsche Bank
and The Royal Bank of Scotland acted as book runners. Proceeds of the new
facilities will be used to repay borrowings under the group's existing
pound 2.03 billion senior credit facilities. The new facilities
significantly extend the maturity profile of the group's senior debt and
reduce its overall long-term cost of borrowing.
The new credit facilities reflect better pricing terms than previously
announced and are comprised of five tranches: tranche A, a 7-year,
amortising term facility of pound 700 million initially bearing interest
of LIBOR plus 2.25%; tranche B, an 8-year term facility of pound 425
million equivalent initially bearing interest of LIBOR plus 2.375% for
loans denominated in Euro, 2.25% for loans denominated in U.S. dollars and
2.50% for loans denominated in Sterling; tranche C, a 9-year term facility
of a pound 325 million equivalent bearing interest of LIBOR plus 2.875%
for loans denominated in Euro, 2.75% for loans denominated in U.S. dollars
and 3.00% for loans denominated Sterling; a 7-year revolving loan facility
of pound 100 million initially bearing interest of LIBOR plus 2.25%; and a
9 1/2-year second lien term facility of pound 250 million bearing interest
of LIBOR plus 4.00%.
Cob Stenham, Chairman of Telewest Global, Inc., said "We are extremely
pleased to announce execution of our new loan agreement on better terms
than previously announced and we look forward to working with our new
senior lenders. Combined with the financial restructuring completed last
summer, this refinancing completes the rebuilding of Telewest's balance
sheet providing us with a significantly improved capital structure and a
strong platform for future growth".
ENQUIRIES:
TELEWEST
David Buckingham, Treasurer 011-44-(0)20-7299-5667
Richard Williams, Head of Investor Relations 011-44-(0)20-7299-5479
Vani Gupta, Investor Relations Manager 011-44-(0)20-7299-5353
BRUNSWICK
Nick Claydon 011-44-(0)20-7404-5959
Frank De Maria 212-333-3810
NOTES TO EDITORS:
Telewest, the broadband communications and media group, currently passes
and markets to 4.7 million homes and provides multi-channel television,
telephone and internet services to 1.77 million residential customers.
Telewest Business, the company's business division, supplies broadband
communications to the public and private sector markets. 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 with a portfolio
that combines wholly owned and managed channels, including the nine joint
venture channels with the BBC. For further information go to
http://mediacentre.telewest.co.uk
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