Cable and Wireless Communications Plc : CWC announces pricing of its $400m notes

20 January 2012

CABLE & WIRELESS COMMUNICATIONS PLC ANNOUNCES PRICING OF ITS OFFERING OF US$400 MILLION SENIOR SECURED NOTES

Cable & Wireless Communications Plc ("CWC") today announced that it has priced its offering of US$400 million aggregate principal amount of senior secured notes due 2020 (the "Notes").  The aggregate principal amount of the offering was increased from the previously announced aggregate principal amount of US$350 million. The Notes will bear interest at 8.750% per annum, payable semi-annually in arrear on 1 February and 1 August of each year beginning 1 August 2012.  The Notes are expected to be issued on or about 26 January 2012.

The Notes add to the refinancing of US$600 million of credit facilities that CWC secured in October 2011, together representing US$1 billion of refinancing completed in the last three months.

The Notes - whose net proceeds will be used to repay CWC's £200 million bonds due on 6 August 2012 and a portion of the outstanding borrowings under the credit facilities - will be issued by Sable International Finance Limited and guaranteed by CWC and certain of its subsidiaries.

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The offering is being made by means of an offering memorandum.  This announcement does not constitute an offer to sell or the solicitation of an offer to buy the Notes or any other security and shall not constitute an offer, solicitation or sale in the United States or in any jurisdiction in which, or to any persons to whom, such offering, solicitation or sale would be unlawful.

The Notes and the related guarantees have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Accordingly, the Notes and the related guarantees are being offered and sold in the United States only to qualified institutional buyers in accordance with Rule 144A under the Securities Act and outside the United States to non U.S. persons in accordance with Regulation S under the Securities Act.

Promotion of the Notes in the United Kingdom is restricted by the Financial Services and Markets Act 2000 (the "FSMA"), and accordingly, the Notes are not being promoted to the general public in the United Kingdom. This announcement is for distribution only to, and is only directed at, persons who (i) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Financial Promotion Order"), (ii) are persons falling within Article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Promotion Order, or (iii) are persons to whom an invitation or inducement to engage in investment activity within the meaning of section 21 of the FSMA in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as "relevant persons"). This announcement is directed only at relevant persons and must not be acted on or relied on by anyone who is not a relevant person.

In addition, if and to the extent that this announcement is communicated in, or the offer of securities to which it relates is made in, any EEA member state that has implemented Directive 2003/71/EC (together with any applicable implementing measures, including Directive 2010/73/EC, in any member state, the "Prospectus Directive"), this announcement and the offering of any securities described herein are only addressed to and directed at persons in that member state who are "qualified investors" within the meaning of the Prospectus Directive or in any other circumstances falling within Article 3(2) of the Prospectus Directive (or who are other persons to whom the offer may lawfully be addressed) and must not be acted on or relied on by other persons in that member state. This announcement does not constitute a prospectus within the meaning of the Prospectus Directive or an offer to the public.

About Cable & Wireless Communications

Cable & Wireless Communications is a global full-service communications business. We operate leading communications businesses through four regional units - the Caribbean, Panama, Macau and Monaco & Islands. Our services include mobile, broadband and domestic and international fixed line services in most of our markets as well as pay TV, data centre and hosting, carrier and managed service /social telecom (telecom enabled public services) solutions. Our operations are focused on providing our customers - consumers, businesses, governments - with world-class service. Serving the communities where we operate is at the heart of our approach, and we are committed to behaving in an ethical and socially responsible manner. For more information visit .

Contacts:

Cable & Wireless Communications
Investors
Sheldon Bruha	[phone]
Kunal Patel	[phone]
Media
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Steve Smith	[phone]
Maitland
Neil Bennett / Tom Buchanan	[phone]