British Telecommunications said today it was in talks with banks about refinancing a £16.5 billion sterling loan as part of the group's efforts to manage a worrying mountain of debt.
The former British telecoms monopoly said the discussions were part of its normal financial management and that there was no definite plan to restructure the syndicated debt facility.
BT, facing a possible credit downgrade and calls for top executives to quit over its plunging share price and soaring debts, is looking at ways to ease the burden of £30 billion of debt.
"The talks are part of ongoing treasury management," a BT spokesman said.
The loan, originally signed for £18 billion and of which £16.5 billion is now outstanding, is a standby credit line and is not part of BT's £30 billion debt mountain.
