German Cable Operator in €1.15 Billion Revolving Credit Facility
June 29, 2005
June 29, 2005
Cleary Gottlieb represented Citigroup Global Markets Limited, J.P. Morgan plc, Deutsche Bank AG London and GE Commercial Finance as Mandated Lead Arrangers in a €1.15 billion secured term and revolving credit facility agreement with iesy Hessen GmbH & Co. KG, a German cable operator. The facility will help finance iesy Hessen’s acquisition of Kabelnetz NRW Holdco and its subsidiaries (including the operating company, ish GmbH & Co. KG), another German cable operator. The facility agreement, originally signed on February 14, was amended on June 21 to increase the commitments from €230 million to €1.15 billion.
The acquisition created Germany’s second largest cable TV operator (after Kabel Deutschland) with 5.2 million cable and 87,000 digital-TV customers.