German cableco Kabel Deutschland (KDG) has raised US$750m of a new secured loan.
The company said in a statement the new senior secured floating rate loan tranche, which matures on 1 February 2019, was upped from an initial $500m following…
German cableco Kabel Deutschland (KDG) has raised US$750m of a new secured loan.
The company said in a statement the new senior secured floating rate loan tranche, which matures on 1 February 2019, was upped from an initial $500m following “significant demand from investors”.
The tranche had an issuance price of 98.5 and ranks pari passu with existing credit facilities and senior secured notes. The margin was fixed at 325bps over Libor with a Libor floor of 100bps.
Germany’s largest cable TV company also asked its existing KDVS TLA1, TLA2 and TLC1 lenders to extend the maturities from March 2014 currently to March 2017.
Goldman Sachs was appointed as coordinator for the extension request, while BNP Paribas, Deutsche Bank, JP Morgan, Morgan Stanley and RBS are bookrunning mandated lead arrangers.
KDG stated lenders have been asked to submit their extension approvals by 1 February.
Last year, KDG, which had net debt totaling €2.85bn in September, launched an €800m debt refinancing to reduce its interest costs. The company promised investors a net profit in 2012 as well as a dividend payout.
As previously reported, ratings agency Fitch granted the initially-proposed US$500m loan a BB+ rating, saying it would help “extend the company’s debt maturity profile and reduce its 2014 refinancing exposure without any impact on leverage”.
