Virgin Media to pay off $461 mil from debt
U.K. cabler looks to use cash reserves for paymentLONDON -- U.K. cable group Virgin Media said Tuesday it will pay off 300 million pounds ($461 million) of its long-term debt by Dec. 23, using the cash reserves on its balance sheet.
The cable giant, which operates the Living and Trouble channel brands and serves about 3.5 million cable homes, must pay a further 187 million pounds ($287 million) by May 10 2009 under the terms of its recent debt renegotiation.
The company will then delay payment of the bulk of its 3.9 billion pound ($5.9 billion) debt until 2012. The total renegotiation will cost the company 60 million pounds ($92 million) in fees to its lenders and advisers, the company said.