Kabel Deutschland (KDG) has secured a new seven-year €1bn (US$1.3bn) term loan under its existing credit agreement.
The new Term Loan H, set to mature in March 2020, priced at 275 basis points over Euribor and was issued at 99.5%, the German cableco…
Kabel Deutschland (KDG) has secured a new seven-year €1bn (US$1.3bn) term loan under its existing credit agreement.
The new Term Loan H, set to mature in March 2020, priced at 275 basis points over Euribor and was issued at 99.5%, the German cableco announced today.
Proceeds of the transaction, set to close on 30 April, will be used to help prepay existing Term Loan D and G tranches, according to the statement.
Term Loan D is currently €400m and Term Loan G €782m, a KDG spokesperson told TelecomFinance earlier this month. The remainder will be repaid with other resources, mainly cash at hand, the spokesperson said.
KDG has also extended a long-term revolver of up to €270m, now set to mature in March 2019.
The Unterfoehring-based company announced earlier this month that it was planning a new loan of at least €600m under the existing agreement.
BNP Paribas and Deutsche Bank are joint coordinators and bookrunning MLAs for the transaction. ING, Morgan Stanley and The Royal Bank of Scotland are also bookrunning MLAs.
KDG has made numerous changes to its capital structure since entering into an agreement to acquire smaller rival Tele Columbus in May last year for a total €618m (US$789m). The German antitrust regular blocked the takeover in March after KDG refused to further improve previously-submitted remedies. The cableco has since appealed the FCO decision.
In February, KDG re-priced a US$750m senior-secured loan due 2019, issuing it as a new tranche – term loan F1 – under existing credit facilities.
KDG reported revenues of €465m for the quarter ended 31 December 2012, up 8.8% year-on-year. EBITDA was up 10.2% to €220m, while net debt stood at €2.88bn. Announcing the results in February, the cableco said it planned to “pull forward investments to further accelerate growth”.
