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Fitch affirms Kabel Deutschland
Fitch Ratings said it affirmed Kabel Deutschland GmbH's senior unsecured rating at BB-, its senior secured rating at BB+ and senior subordinated rating at B+.
The outlook is stable.
Fitch noted that Kabel Deutschland has funding in place to cover its offer to repurchase the €250 million and $610 million senior notes due 2014 following withdrawal from the proposed mergers with regional cable operators ish, iesy and Kabel BW. The repurchase offer is consistent with the terms of the notes and is expected to expire on Oct. 22.
Fitch said it does not believe that such a repurchase will be required by bondholders given current high trading levels of the bonds. However, if it is, then the amounts will be drawn under the senior credit facilities up to a maximum of €475 million and under the bridge facility, subject to the facility's covenants.
In addition, the senior credit facilities will be reduced, with the term loans reducing to €1.37 billion from €2.6 billion and the revolving credit facility reducing to €50 million from €100 million.
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