Kabel Deutschland GmbH (KDG) is withdrawing the request for approval of its mergers with the regional cabel network operators ish (North Rhine-Westphalia), iesy (Hesse) and Kabel BW (Baden-Wurttemberg) at the Federal Cartel Office today.
With this decision, the company has said it is responding to the ongoing negative position of the FCO which, despite substantial concessions by KDG, continues to result in a recommendation to block the transactions.
In accordance with the terms of its EUR 250 million 10.75% Senior Notes due 2014 and its US$610 million 10.625% Senior Notes due 2014, KDG intends to undertake within ten business days an offer to repurchase such notes at a price of 100% of the principal amount thereof plus accrued and unpaid interest to the date of repurchase.