Kabel Deutschland term loan expected to increase to $750 million

By Sara Rosenberg

New York, Jan. 19 - Kabel Deutschland Holding AG's seven-year senior secured term loan (NA/NA/BB+) is anticipated to end up with a size of $750 million, up from $500 million, according to a market source.

Also, pricing is expected to remain at Libor plus 325 basis points with an original issue discount of 981/2, but the Libor floor will likely be 1%, the low end of the 1% to 1.25% talk, the source said.

The loan has 101 soft call protection for one year.

Commitments were due on Thursday.

Goldman Sachs & Co., BNP Paribas Securities Corp., Deutsche Bank Securities Inc. and RBS Securities Inc. are the mandated lead arrangers on the deal.

The new loan will be issued as a tranche under the company's existing senior credit facility.

Proceeds will be used to repay a portion of the existing term loan A due in March 2012, term loan C due in March 2013, term loan A-1, term loan A-2 and term loan C-1 due in March 2014.

Kabel Deutschland is an Unterfoehring, Germany-based cable operator.

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