By Kate Hanaghan, 19 March 2001 11:15
NEWS The new funding has enabled the company to pay off existing borrowings, amounting to £1.7bn. It has immediate access to £2bn with an additional £250m available from institutional backers. These are lean times for media and telecoms companies and Telewest's move could help to reassure critics. In a statement, Charles Burdick, group finance director at Telewest, explained that a syndicate of 26 global financial institutions are supporting the facility. He said: "This facility not only gives us increased funding capability but also flexibility as we continue to deliver broadband products and services to our customers." Telewest's share price was down almost 1.5 per cent as of 10:00 (GMT) this morning. It is expected to announce its preliminary results for 2000 this week.
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