German cable operator launches amend and extend

Kabel Deutschland, the German cable network operator, has launched an amend and extend of a portion of its senior secured credit facilities, the latest example illustrating the trend for increased amend and extends, including from European issuers. 

The company announced that the amend and extend would seek to increase flexibility in relation to the incurrence of senior debt, payment of dividends and redemption of junior debt. It wants to push out the maturity of the term loan As and revolver by two years to March 2014.

Support for the amendment has already been confirmed by approximately 43% of lenders, or approximately 65% of required consents needed for approval, says the company.

Significantly, loans from Kabel Deutschland have wide ownership among CLOs, which tend to view amend-and-extends favourably. The loans are held by 75.86% of European CLOs, according to CLO Master.