Kabel Deutschland successfully closes its amend and extend process extending approximately €1.45 billion of debt maturities to March 2014
- Strong approval by lenders to the requested amendments giving the Company more flexibility
- Significant take-up by lenders of the opportunity to extend maturity, leading to approximately €1.45 billion of the Term Loan A and Term Loan C being extended to 2014
Kabel Deutschland (“KDG”) has formally ended its amend and extend process with strong support from lenders. KDG requested the amendment of certain terms of its existing senior secured credit facilities to increase KDG’s flexibility for potential acquisitions and to reduce restrictions on new borrowings for the refinancing of existing senior secured debt. KDG also asked lenders to extend existing term debt maturities to March 2014.
At closing, 97.4% of lenders had consented to the amendments, with lenders representing a total of approximately €1.45 billion requesting to roll their exposure. KDG will therefore roll €949.2 million of Term Loan A and €496.5 million of Term Loan C to a maturity of March 31, 2014.