Kabel BW launches €170 million 10-year notes

By Paul A. Harris

St. Louis, Jan. 24 - Kabel BW Holdings GmbH began a roadshow for €170 million of 10-year senior floating-rate notes (Caa1/CCC+), according to a syndicate source.

The notes are expected to price late this week or early next week.

Morgan Stanley has the physical books for the Rule 144A/Regulation S offering. Citigroup and JP Morgan are joint bookrunners.

The notes will be callable after one year at 103, with the call premium declining annually thereafter to 102, 101 and to par after the fourth year. The notes will also contain a 35% equity clawback.

Proceeds will be used to redeem a portion of the company's subordinated shareholder loan.

Kabel BW is a German cable and satellite TV services provider.

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