NTL Announces $388 Million Financing from GE Capital

Apr 27, 2001, 01:00 ET from NTL Incorporated

    NEW YORK, April 27 /PRNewswire/ -- NTL Incorporated
 (NYSE:   NLI; Nasdaq Europe: NTLI), the UK's leading broadband TV, telephony and
 internet company, today announced that it has received commitments from a
 subsidiary of GE Capital for approximately $388 million (270 million pounds)
 of financing.
     GE Capital will provide 200 million pounds ($288 million) of financing as
 an increase to the UK senior secured bank facility, raising the capacity to
 2.7 billion pounds.  GE Capital has agreed to purchase $100 million
 (70 million pounds) of 5.75% Convertible Subordinated Notes (the "Convertible
 Notes").  The Convertible Notes are convertible into NTL common stock and have
 a conversion price of $35.00 per share. On Thursday April 26, 2001, the
 closing price of the Company's common stock on the New York Stock Exchange was
 $26.20 per share.
     Commenting on the financing, John Gregg, Chief Financial Officer of NTL,
 said: "We are excited to have GE Capital as an investor in our company. The
 investment reaffirms their commitment to the European broadband market and is
 a vote of confidence in NTL's management team and strategy. We look forward to
 their continued support and to finding other ways to develop mutually
 beneficial opportunities".
     "We view NTL as one of the best-positioned European broadband cable
 operators based on its strong management team, demonstrated record of
 execution, and the quality of its geographic footprint," William Strittmatter,
 Managing Director and global head of GE Capital Telecom, the GE Capital unit
 responsible for the transaction said. "We look forward to working together on
 attractive opportunities in the future."
     Of the proceeds raised from this financing, approximately half will be
 used to reduce commitments under the NTL Communications Limited 1.3 billion
 pounds credit agreement, which was arranged at the time of the acquisition of
 the residential cable, business cable, indirect residential telephony,
 residential internet and digital television development and services business
 of Cable & Wireless Communications plc.  The remainder of the financing will
 be used to finance construction, capital expenditure, working capital
 requirements and for general corporate purposes. Both commitments are subject
 to the execution of definitive documentation and the increase in the senior
 secured bank facility is subject to the requisite approval of the current
 senior secured bank group. In addition, certain customary fees and expenses
 are payable by NTL in regard to the financings.
 
     More on NTL:
     NTL offers a wide range of communications services to homes and business
 customers throughout the UK, Ireland, Switzerland, France and Germany.
 Approximately 20 million homes are located within its owned or partially owned
 fibre-optic broadband network, which covers include cities such as: Belfast,
 Dublin, Frankfurt, Geneva, London, Paris, and Zurich. At year-end 2000, NTL
 served over 8.5 million residential cable, telephony and Internet customers
 and approximately 1.8 million Internet customers.
     At year-end 2000, NTL has over 70,000 UK business customers, including
 Royal Bank of Scotland, Comet, AT&T and Orange. NTL offers a broad range of
 technologies and resources to provide complete multi-service solutions for
 businesses from large corporations to local companies.
     NTL has a 40 year history in Broadcast TV and radio transmission and
 helped pioneer the technologies of the digital age. In the UK, 22 million
 homes watch ITV, C4 and C5 thanks to NTL's broadcast transmitters.
 
     About GE Capital Telecom
     GE Capital Telecom (http://www.gecapitaltelecom.com) provides private
 equity and structured capital for companies in mobile communications,
 broadband access and transport, value-added services, and related
 infrastructure. The group includes more than 50 professionals and is a unit of
 GE Capital Structured Finance Group (SFG), one of the world's leading equity
 and debt investors and providers of structured capital. A wholly-owned
 subsidiary of General Electric Company, GE Capital, with assets of over
 US$370 billion, is a global, diversified financial services company with
 24 specialized businesses. GE is a diversified services, technology and
 manufacturing company with a commitment to achieving customer success and
 worldwide leadership in each of its businesses.
 
                     MAKE YOUR OPINION COUNT -- Click Here
                http://tbutton.prnewswire.com/prn/11690X18519763
 
 

SOURCE NTL Incorporated
    NEW YORK, April 27 /PRNewswire/ -- NTL Incorporated
 (NYSE:   NLI; Nasdaq Europe: NTLI), the UK's leading broadband TV, telephony and
 internet company, today announced that it has received commitments from a
 subsidiary of GE Capital for approximately $388 million (270 million pounds)
 of financing.
     GE Capital will provide 200 million pounds ($288 million) of financing as
 an increase to the UK senior secured bank facility, raising the capacity to
 2.7 billion pounds.  GE Capital has agreed to purchase $100 million
 (70 million pounds) of 5.75% Convertible Subordinated Notes (the "Convertible
 Notes").  The Convertible Notes are convertible into NTL common stock and have
 a conversion price of $35.00 per share. On Thursday April 26, 2001, the
 closing price of the Company's common stock on the New York Stock Exchange was
 $26.20 per share.
     Commenting on the financing, John Gregg, Chief Financial Officer of NTL,
 said: "We are excited to have GE Capital as an investor in our company. The
 investment reaffirms their commitment to the European broadband market and is
 a vote of confidence in NTL's management team and strategy. We look forward to
 their continued support and to finding other ways to develop mutually
 beneficial opportunities".
     "We view NTL as one of the best-positioned European broadband cable
 operators based on its strong management team, demonstrated record of
 execution, and the quality of its geographic footprint," William Strittmatter,
 Managing Director and global head of GE Capital Telecom, the GE Capital unit
 responsible for the transaction said. "We look forward to working together on
 attractive opportunities in the future."
     Of the proceeds raised from this financing, approximately half will be
 used to reduce commitments under the NTL Communications Limited 1.3 billion
 pounds credit agreement, which was arranged at the time of the acquisition of
 the residential cable, business cable, indirect residential telephony,
 residential internet and digital television development and services business
 of Cable & Wireless Communications plc.  The remainder of the financing will
 be used to finance construction, capital expenditure, working capital
 requirements and for general corporate purposes. Both commitments are subject
 to the execution of definitive documentation and the increase in the senior
 secured bank facility is subject to the requisite approval of the current
 senior secured bank group. In addition, certain customary fees and expenses
 are payable by NTL in regard to the financings.
 
     More on NTL:
     NTL offers a wide range of communications services to homes and business
 customers throughout the UK, Ireland, Switzerland, France and Germany.
 Approximately 20 million homes are located within its owned or partially owned
 fibre-optic broadband network, which covers include cities such as: Belfast,
 Dublin, Frankfurt, Geneva, London, Paris, and Zurich. At year-end 2000, NTL
 served over 8.5 million residential cable, telephony and Internet customers
 and approximately 1.8 million Internet customers.
     At year-end 2000, NTL has over 70,000 UK business customers, including
 Royal Bank of Scotland, Comet, AT&T and Orange. NTL offers a broad range of
 technologies and resources to provide complete multi-service solutions for
 businesses from large corporations to local companies.
     NTL has a 40 year history in Broadcast TV and radio transmission and
 helped pioneer the technologies of the digital age. In the UK, 22 million
 homes watch ITV, C4 and C5 thanks to NTL's broadcast transmitters.
 
     About GE Capital Telecom
     GE Capital Telecom (http://www.gecapitaltelecom.com) provides private
 equity and structured capital for companies in mobile communications,
 broadband access and transport, value-added services, and related
 infrastructure. The group includes more than 50 professionals and is a unit of
 GE Capital Structured Finance Group (SFG), one of the world's leading equity
 and debt investors and providers of structured capital. A wholly-owned
 subsidiary of General Electric Company, GE Capital, with assets of over
 US$370 billion, is a global, diversified financial services company with
 24 specialized businesses. GE is a diversified services, technology and
 manufacturing company with a commitment to achieving customer success and
 worldwide leadership in each of its businesses.
 
                     MAKE YOUR OPINION COUNT -- Click Here
                http://tbutton.prnewswire.com/prn/11690X18519763
 
 SOURCE  NTL Incorporated