High yield firms secure debt agreements

Kabel Deutschland has announced it has secured 97% lender support for an amend-and-extend on €1.45 billion of bank debt. The company is now able to roll €949 million term A – due 2012 – and €497 million term C – due 2013 – paper to March 2014. Evolution Securities notes some trading interest around Kabel in today’s session.

Meanwhile, Italian eyewear maker Safilo announced that it had signed a restructuring agreement with banks to modify its medium/long-term loan of €400 million, as well as a reduction in its senior loan from €324 million to €300 million. The deal is subject to the completion of Dutch investor HAL’s recapitalisation of the company. HAL recently bought €13 million of Safilo shares as part of that deal, with a further capital increase to follow.