Published on 7/23/2012 in the Prospect News High Yield Daily.
New Issue: Kabel Deutschland sells €200 million tap of 6½% notes due 2018 at 106.75 to yield 5.162%
By Paul A. Harris
Portland, Ore., July 23 - German cable operator Kabel Deutschland Vertried und Service GmbH priced a €200 million add-on to its 6½% senior secured notes due June 29, 2018 (Ba2/BB/) at 106.75 on Monday, according to market sources.
The reoffer price, which came at the rich end of the 106.5 to 106.75 price talk, rendered a 5.162% yield to maturity.
Joint bookrunner Morgan Stanley will bill and deliver. Deutsche Bank AG and Goldman Sachs International were also joint bookrunners.
The Unterfoehring, Germany-based company plans to use the proceeds to finance, in part, the acquisition of Tele Columbus or, in case the acquisition is not completed, for general corporate purposes.
The original €500 million issue priced at par in June 2011.
| Issuer: | Kabel Deutschland Vertrieb und Service GmbH
|
| Face amount: | €200 million
|
| Proceeds: | €213.5 million
|
| Maturity: | June 29, 2018
|
| Security description: | Add-on to 6½% senior secured notes due June 29, 2018
|
| Bookrunners: | Morgan Stanley (bill and deliver), Deutsche Bank AG, Goldman Sachs International
|
| Coupon: | 6½%
|
| Price: | 106.75
|
| Yield to maturity: | 5.162%
|
| Spread: | 472 bps
|
| Call features: | Make-whole call at Bunds plus 50 bps until June 30, 2014, then callable at 103.25, 101.625, par on and after Jan. 31, 2016
|
| Equity clawback: | 40% at 106.5 until June 30, 2014
|
| Change-of-control put: | 101%
|
| Trade date: | July 23
|
| Settlement date: | July 31
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 106.5 to 106.75
|
| Marketing: | Quick to market
|
| Original issue: | €500 million issue priced at par in June 2011
|
| Total issue size: | €700 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
