Sky News has just revealed that Sir Charles Dunstone, the entrepreneur behind TalkTalk, has secured a £400m refinancing deal to steer the company away from a looming debt default.
The arrangement includes an immediate £65m injection from shareholders, followed by an additional £170m, with assets like Virtual1 (now moulded into the PXC brand) and customer bases from Ovo and Shell being contributed to the group.
Ares Management and Toscafund are also participating. In return, TalkTalk’s lenders have extended debt maturities to autumn 2027, giving the broadband provider crucial time to execute its plans.
TalkTalk Secures £400M Lifeline as Sir Charles Dunstone Strikes Refinancing Deal
