Bloomberg News

ProSiebenSat.1 Said to Obtain Lender Approval for Extension Deal

May 21, 2013

ProSiebenSat1 Media AG, the German broadcaster owned by KKR & Co. (KKR:US) and Permira Advisers LLP, obtained backing from lenders to extend about 1.9 billion euros ($2.4 billion) of loans, according to two people with knowledge of the matter.

The company needed two-thirds of its lenders to support the extension proposal, said the people, who asked not to be identified because the deal is private. More than 50 percent of its term loan C and D holders have agreed to roll into the new term loan D3, one of the people said.

The term loan D3 will have a July 2018 maturity while the term loan C and D are due to repay in 2015 and 2016, Axel Salzmann, ProSiebenSat.1’s chief financial officer, said in a May 7 conference call. The company proposed to pay an initial interest margin of 275 basis points, or 2.75 percentage points, more than benchmark rates on the D3 portion, according to data compiled by Bloomberg.

Officials at ProSiebenSat.1 and KKR, who both asked not to be identified citing company policy, declined to comment on the financing. Noemie de Andia, a London-based spokeswoman for Permira, also declined to comment on the deal.

Lenders approving the extension deal and committing funds to the new facility would receive fees of 25 basis points, people said previously. UniCredit SpA (UCG) and BNP Paribas SA are arranging the extension deal.

Amend and extend proposals typically ask lenders’ permission to push back the loan maturity and include a separate request seeking commitments to participate in the longer portion.

To contact the reporter on this story: Julie Miecamp in London at jmiecamp@bloomberg.net

To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net


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