Kabel Deutschland marketing €400 million 10-year PIK floater with Euribor plus 850 bps guidance

By Paul A. Harris

St. Louis, Nov. 30 - Kabel Deutschland is marketing a €400 million offering of 10-year senior floating-rate PIK notes, according to market sources.

The structure of the offering, which is expected to price in early December, is tentative, one source added.

Initial price guidance is Euribor plus 850 basis points.

Goldman Sachs & Co. and Deutsche Bank Securities are joint bookrunners.

Proceeds will be used to fund a dividend payment to equity holders. The sponsors are Apax Partners, Goldman Sachs Capital and Providence Equity Partners.

Kabel Deutschland is a Bonn, Germany-based cable TV and internet services provider.

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