Kabel Deutschland outlines €900 million debt package for refinancing

By Paul A. Harris

Portland, Ore., June 8 - Germany's Kabel Deutschland intends to raise €900 million in the debt capital markets, according to a Wednesday press release.

Deutsche Bank AG, Goldman Sachs International, ING and Morgan Stanley will manage the financing.

The deal will comprise an €800 million combination of secured floating-rate loans and secured fixed-rate notes.

In addition, Kabel Deutschland is extending the maturity of its €100 million revolving credit facility to June 2015 from its present maturity of March 2012.

The cable operator plans to use the proceeds to refinance all of its remaining €515 million of PIK loans as well as the entire amount drawn under the existing revolver, together with a portion of the term loan A.

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