German cableco Kabel Deutschland (KDG) has successfully placed its €200m (US$242.5m) tap on senior-secured notes due 2018, raising €213.5m (US$258.2m) to help fund its planned buyout of rival Tele Columbus.
The tap priced today at 106.75%, boosting…
German cableco Kabel Deutschland (KDG) has successfully placed its €200m (US$242.5m) tap on senior-secured notes due 2018, raising €213.5m (US$258.2m) to help fund its planned buyout of rival Tele Columbus.
The tap priced today at 106.75%, boosting the aggregate principle amount of the notes, originally issued in June 2011 and carrying a coupon of 6.5%, to €700m (US$846.2m), according to a company statement.
The extra notes will replace the remaining €200m of a €600m (US$725.2m) bridge financing facility KDG secured to help fund its €618m (US$789m) acquisition of the Berlin-based level four cableco Tele Columbus, subject to the approval of the Federal Cartel Office (FCO). Announcing the proposed deal on 21 May, KDG said it expected the transaction to close in the first quarter of 2013.
If, for any reason, the transaction does not take place, the funds will be used for general corporate purposes.
