General Cable Plc, television and local telephony provider reports that its Yorkshire Cable Group Ltd subsidiary has entered into a sale and lease-back arrangement for some of its fixed assets, thereby raising a total of 77m British pounds. The assets are mainly television and telephony line electronics and associated equipment, and the proceeds will be retained within the business to finance completion of networks by Yorkshire Cable. The facility was arranged for the company by NatWest Markets, Lombard Business Finance and Robert Fleming & Co. It is arranged in conjunction with a 325m pounds senior debt facility arranged by Chase Manhattan and NatWest Markets. A finance lease was agreed for a period of 10 years with an optional secondary period available. Yorkshire Cable also entered into a conditional agreement with the same parties to lease further electronic equipment in the future up to 2000.
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