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The debt riddled TalkTalk Group has issued an additional update this afternoon on their recent £100m funding deal (here), which reveals that the funding level has been increased by £20m to total £120m. The modest boost came other existing financial stakeholders agreed to participate.
According to the statement: “The new funding facilities will be used to strengthen the group’s working capital position and support new product and other investment across its two businesses – PXC and TalkTalk. The Group also confirms that more than 90% of its first lien creditors and approximately 87% of its second lien creditors have signed up to a support agreement to implement the transaction announced on 25th July.”
The news follows shortly after the provider published its annual accounts (here), which among other things revealed that they made a statutory loss before tax of £465m for the year ended 28th February 2025 (up from £153m last year). The group’s overall level of net debt (excluding leases) has now risen from £985m last year to £1.2bn this year, or from £1.78bn to £1.96bn if you include leases.