New Issue: Kabel BW sells €170 million 10-year floater to yield Euribor plus 736 bps

By Paul A. Harris

St. Louis, Jan. 27 - Kabel BW Holdings GmbH priced €170 million of 10-year senior floating-rate notes (Caa1/CCC+) at par to yield three-month Euribor plus 736 basis points, according to a syndicate source.

Price talk was three-month Euribor plus 735 to 760 basis points.

Morgan Stanley had the physical books for the Rule 144A/Regulation S with no registration rights offering. Citigroup and JP Morgan were joint bookrunners.

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

The issuer is a German cable and satellite TV services provider.

Issuer:	Kabel BW Holdings GmbH
Amount:	€170 million
Maturity:	Feb. 3, 2015
Security description:	Senior floating-rate notes
Bookrunners:	Morgan Stanley (physical books), Citigroup, JP Morgan (joint books)
Coupon:	Three-month Euribor plus 736 basis points
Price:	Par
Yield:	Three-month Euribor plus 736 basis points
Call features:	Callable after Feb. 3, 2006 at 103, 102, 101, par on and after March 2, 2009
Equity clawback:	Until Feb. 3, 2008 for 35% at par plus applicable coupon
Trade date:	Jan. 27
Settlement date:	Feb. 3
Ratings:	Moody's: Caa1
	Standard & Poor's: CCC+
Price talk:	Three-month Euribor plus 735-760 basis points

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