KDG refi at 350bp, reverse flex not ruled out

Bookrunners are to launch a Eu500m bullet loan for German cable operator Kabel Deutschland (KDG) to institutional investors at a bank meeting on Thursday. Alongside a Eu300m high yield bond, the loan will be used to repay KDG’s PIK facility, a portion of its term loan ‘A’ and any drawn debt from its Eu100m revolver.

  • 10 Jun 2011

Initial margins of 350bp will be offered in syndication on the seven year loan, but bankers may opt for a reverse flex if the demand is there.

"There’s no reason why there wouldn’t be sufficient demand," said one leveraged loans banker.

Most seven year bullet leveraged loans have priced between ...

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