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Kabel Deutschland GmbH
Notes to the consolidated financial statements
41
primarily comprised of:
• resetting of the restrictions related to the permitted acquisition volume,
• allowing new borrowings if the proceeds are used to make acquisitions that become part
of the security group or to refinance existing senior debt,
• widening the covenant leverage test in case of major acquisitions (enterprise value of
more than T€ 400,000), and
• changing the junior debt / senior debt prepayment ratio to 1:1.
In addition some technical amendments were agreed, including permitting a merger
between KDVS and Kabel Deutschland GmbH and the extension of its Revolving Credit Facility
(Tranche B).
The Group also agreed to extent the original maturity of our Tranche A and Tranche C
borrowings until March 31, 2014 in return for an increased margin payable to consenting
lenders.
After giving effect to such amendments and the execution of the roll documentation on
February 3, 2010, T€ 200,789 of the Group’s debt will be due for repayment in 2012, with
another T€ 38,457 due in 2013 and T€ 1,445,754 will ultimately be due in 2014.
With the amendments, margins for consenting lenders increased to 2.25 % from 1.75 %
for Tranche A and remained stable at 3.25 % for Tranche C. In addition until the original
maturity date and extension an annual commitment fee of 1.25 % for rolling lenders of
Tranche A and 0.25 % for rolling lenders of Tranche C effectively increase the margins on the
extended facilities to 3.50 %. For consenting but non-rolling Tranche A lenders representing
T€ 163,595, the margin also increased to 2.25 % from 1.75 %. Non-consenting lenders in
Tranche A, representing T€ 37,194, and non-rolling Tranche C lenders, representing T€ 38,457
will receive no margin increase.
At the same time, margins for consenting lenders in the Revolving Credit Facility
(Tranche B) representing T€ 312,194 increased to 2.25 % from 1.75 % for drawn amounts.
Non-consenting lenders in the Revolving Credit Facility, representing T€ 12,806, will receive no
margin increase for drawn amounts.
Interest rates on the Senior Credit Facility are based on one, two, three or six months
EURIBOR plus a margin. The margin on Tranche A and B of the Senior Credit Facility for nonrolling
lenders is based on the ratio of consolidated senior net borrowings to consolidated
EBITDA (as defined in the Senior Credit Facility agreement – ‘consolidated EBITDA’ is a
different figure to ‘adjusted EBITDA’ and ‘EBITDA’ and is calculated based on the definitions of
the Senior Credit Facility agreement) as follows: