TalkTalk has struck a refinancing deal with lenders in the UK worth £400 million ($511m).

First reported by Sky News and then later confirmed by TalkTalk, the refinancing will enable TalkTalk to alleviate fears it would default on payments and extend its debt maturities to 2027.

The broadband provider noted that the refinancing terms had been agreed between a group of SSN holders, a group of RCF banks, Ares Management Funds, and the company’s major shareholders.

As part of the agreement, TalkTalk shareholders will inject £65m ($83m) into the company immediately.

In addition to this funding, the provision of a further £170m ($217m) will be put forward.

The agreement also includes the contribution of other assets into the group by its major shareholders and Ares Management Funds, including the Virtual1 business, the Ovo, and Shell branded customer bases.

TalkTalk also confirmed a number of leadership changes, set to take effect from the start of next month.

As previously announced, Dame Tristia Harrison will become a non-executive director of the group, while James Smith, current group CFO, will become group CEO, in addition to CEO of PXC.

Tom O’Hagan will become executive chairman of PXC to focus on strategy and clients. Susie Buckridge remains CEO of TalkTalk, the group’s consumer business. Sir Charles Dunstone, founder of the company, will remain as group chairman.

TalkTalk, Britain's fourth-biggest broadband operator with 3.8 million customers, currently has a debt pile of £1bn ($1.27bn) and has been looking to sell off some of its assets to clear the debt.

In September, TalkTalk outlined plans to split into three standalone companies, its B2B Wholesale Platform, TalkTalk Consumer, and TalkTalk Business Direct.

The timing of this latest announcement follows a week after reports emerged that Australian investment firm Macquarie was poised to walk away from talks to buy a stake in TalkTalk's wholesale division, PlatformX Communications (PXC).

Talks between the two stalled over a £450 million ($570m) deal. The report doesn't specify a reason for Macquarie's decision to halt negotiations.

Macquarie had been interested in snapping up the 40 percent stake in the business, giving PXC a value of £1.2 billion ($1.5bn).

Macquarie's interest in the company's wholesale division dates back to earlier this year, when it was reported that it had opened talks to buy the unit.

At the same time, UK mobile carrier Virgin Media O2 was heavily linked with a takeover of TalkTalk's consumer unit.