Kabel Deutschland to start European roadshow Monday for €700 million equivalent notes

By Paul A. Harris

St. Louis, June 3 - Kabel Deutschland GmbH's European roadshow starts Monday for its €700 million equivalent of 10-year senior notes in dollar and euro tranches, according to a syndicate source.

A U.S. roadshow will get underway June 11. The deal is expected to price by the end of June.

Deutsche Bank Securities and Morgan Stanley have the physical books for the Rule 144A/Regulation S offering. Goldman Sachs & Co. and Citigroup are joint bookrunners.

The notes will come with five years of call protection.

Proceeds will be used to help fund the purchase of former Deutsche Telekom assets Ish GmbH, Kabel BW and Iesy eKabel Hessen GmbH for €2.7 billion.

The prospective issuer is the largest cable network operator in Europe, acquired in 2003 from Deutsche Telekom by a consortium of financial investors comprised of Apax Partners, Providence Equity Partners and Goldman Sachs Capital Partners.

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