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Milbank LLP advised an ad hoc group of first-lien and second-lien holders of notes issued by TalkTalk Telecom Group Limited (together with its subsidiaries, the “Group”) on its comprehensive recapitalization of more than £1.3 billion of liabilities across five existing debt instruments.
The recapitalisation was implemented, among others, by an exchange offer and consent solicitations with respect to the first-lien and second-lien notes. In connection with the recapitalization, the Group’s sponsor led new money commitments for a total amount of approximately £120 million as part of a 1.5-lien new money facility. The new funding will be used to strengthen the Group's working capital position and support new investments across its business.
The recapitalization received significant levels of support and as a result all of the Group’s primary liabilities were amended consensually. The transaction was completed on September 30, 2025.
The Milbank team was led by Kate Colman and partners Sinjini Saha and Tristram Gargent. The team included special counsel Suzanne Thomson, Andrew Lowndes and James Simpson and associates Patrick Kratzenstein, Ashrita Gulati, Maria C. Schweinberger and Kui To Joshua Mo.
