Kabel Deutschland to price €300 million seven-year notes on Friday

By Paul A. Harris

Portland, Ore., June 9 - Germany's Kabel Deutschland Holding AG plans to price a €300 million offering of seven-year senior secured notes (Ba2/BB-) on Friday, market sources said.

Deutsche Bank AG, Goldman Sachs International, ING and Morgan Stanley are the managers.

The notes come with three years of call protection.

In addition, Kabel Deutschland is in the market with a €500 million seven-year term loan, and 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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