Kabel ups outlook as it eyes credit facility pay-down

Kabel Deutschland's credit default swap spread is trading in today at 400bp, against a slightly wider market backdrop, after reporting results that were roughly in line with expectations. The firm has upped its outlook for the full year, however.

Kabel is set to repay €25 million of its senior credit facility by the end of August. This will create a basket for further bond/PIK buybacks – the firm having bought back around €37 million of PIK notes since the end of June. Kabel has also announced it will de-register its senior notes with the SEC.

The firm is set to hold a conference call today at 2pm London time.