Kabel Deutschland (KDG) has raised a new €500m term loan under an existing credit agreement.
The new term loan E1, to mature in June 2020, priced at a margin of 275 basis points over Euribor issued at 99.5%, the German cableco said in a short…
Kabel Deutschland (KDG) has raised a new €500m term loan under an existing credit agreement.
The new term loan E1, to mature in June 2020, priced at a margin of 275 basis points over Euribor issued at 99.5%, the German cableco said in a short statement.
Proceeds will be used to fully repay the term loan E tranche of the same agreement.
The transaction is set to close on 14 May.
As previously reported, 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 announced last week that it was seeking to raise the new €500m term loan, asking new and existing lenders to submit their commitments before 24 April. The announcement came just days after the cableco disclosed that it had secured a €1bn term loan under an existing agreement. Proceeds from that loan are also to be used to refinance existing debt.
The cableco reported revenues of €1.7bn for the year ended 31 March 2012 and adjusted EBITDA of €795m.
Last week, German weekly Manager Magazin reported that US cable giant Liberty Global, owner of Cologne-based UnitymediaKabelBW, is working on an offer for KDG.
