Simpson Thacher Represents Kabel Deutschland Holding GmbH in Innovative Pay-In-Kind Financing Transaction
06.09.06
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Simpson Thacher recently represented Kabel Deutschland Holding GmbH (KDH"), an entity owned by affiliates of Providence Equity Partners and the largest provider of cable television services in Germany, in relation to a pay-in-kind financing. The financing was arranged by Goldman Sachs and Deutsche Bank and consisted of a €480 million placement structured as a loan facility with high-yield-style incurrence covenants. The transaction moved from term sheet proposal to executed definitive documents in three business days, with final pricing determined the day after. The proceeds of the financing were used to refinance existing notes issued by KDH in 2004. The Simpson Thacher attorneys involved in the deal were Hartwell Hylton, Nick Shaw and Ioana Mihaltu (corporate) and Jen Marsh (tax).