German Cable Operator in €1.15 Billion Revolving Credit Facility

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.