Kabel Deutschland €700 million notes talked at 10¾% on dollar tranche, 11% on euro

By Paul A. Harris

St. Louis, June 22 - Kabel Deutschland GmbH issued price talk in the area of 10¾% on the dollar tranche and in the area of 11% on the euro tranche of its €700 million equivalent offering of 10-year senior notes (B3/B/B+), a syndicate source said.

Tranche sizes remain to be determined.

Books remain open through Wednesday with the deal expected to price early on Thursday morning.

Deutsche Bank Securities and Morgan Stanley have the physical books for the Rule 144A/Regulation S deal, which has registration rights. 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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.