KDG set to exceed €500m A&E target

German cable firm Kabel Deutschland (KDG) has sent out a notice of prepayment to lenders after easily exceeding its original target of extending €500m of term loans ‘A1’, ‘A2’ and ‘C1’. The company is understood to be ready to accept extensions from all those lenders who consented, which market participants said represented more than €700m.

  • 03 Feb 2012

KDG (BB-/Ba2/BB) launched the amend and extend on January 23, just after it raised $750m for a new term loan ‘F’. Proceeds from that loan will be directed at repaying lenders that have not extended.

Bankers and loan managers had predicted KDG’s request would be successful, with the company ...

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IssuerArrangerSize ($M)
Oaktree Capital ManagementCiti448.20
SankatyBarclays457.97
GSO Capital PartnersBAML449.87

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Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 2,062.30 7 11.10%
2 Wells Fargo Securities 2,016.65 9 10.85%
3 Credit Suisse 1,325.40 4 7.13%
4 Rabobank 983.12 1 5.29%
5 Deutsche Bank 975.59 5 5.25%

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Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 983.12 1 17.21%
3 HSBC 614.94 2 10.77%
4 Bank of America Merrill Lynch 479.64 2 8.40%
5 Barclays 338.58 1 5.93%