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Recent Developments of Kabel Deutschland

  1. In summer 2013, Kabel Deutschland launched more than 300 public WiFi hotspots in approximately 70 cities in Bavaria.
  2. On July 30, 2013, the public tender offer document from Vodafone Group Plc was published.
  3. On August 2, 2013, the Management Board and Supervisory Board of Kabel Deutschland Holding AG published their joint statement pursuant to Section 27 of the German Securities Acquisition and Takeover Act on the offer document from Vodafone. Following an in-depth appraisal, the joint statement recommends acceptance of the offer to shareholders.
  4. On August 12, 2013, Kabel Deutschland announced to market Sky Deutschland’s Premium Pay TV packages directly to customers.
  5. On September 16, 2013, Vodafone announced that their voluntary public tender offer for Kabel Deutschland Holding AG reached an acceptance rate of 76.48% by the offer deadline on September 11, 2013. 
  6. On September 20, 2013, Vodafone announced that they obtained unconditional merger control clearance from the European Commission for the voluntary public takeover offer for Kabel Deutschland.
  7. On October 10, 2013, Kabel Deutschland announced to rollout more than 200 WiFi hotspots in over 20 cities (e.g. Hamburg, Hanover, Dresden) by year end.
  8. Following the AGM on October 10, 2013, Kabel Deutschland paid dividends of €2.50 per share for the fiscal year 2012/13.
  9. On October 14, 2013, the voluntary public takeover offer for Kabel Deutschland Holding AG by Vodafone was settled and completed. Due to change-of-control provisions in its existing loan agreements, Kabel Deutschland prepaid its entire senior credit facilities totaling €2,070 million in various tranches and maturities on October 15, 2013. The outstanding commitments of currently €324 million under its revolving credit facilities were also terminated. As a replacement Kabel Deutschland agreed on a new credit facility of €2,150 million with Vodafone maturing in June 2020 and a new revolving credit facility of €300 million maturing in March 2019. The new unsecured facilities bear a margin of 275bps over EURIBOR.
  10. On October 17, 2013, Standard & Poor’s raised Kabel Deutschland Holding AG’s long-term corporate credit rating to investment grade: from ‘BB’, outlook stable, to ‘BBB+’, outlook stable. Concurrently, Kabel Deutschland received a rating upgrade for its Senior Secured Notes/Senior Notes to investment grade (now: BBB+/BBB; from BB+/B+). 
  11. On October 28, 2013, Moody’s raised the ratings for Kabel Deutschland’s Senior Secured Notes/Senior Notes to investment grade (now: Baa2/Baa3; from Ba2/B1).
  12. On November 10, 2013, Kabel Deutschland launched its new product portfolio enhancing speeds of its mid-tier products and modifying promotions and price points to foster up-selling to 100 Mbit/s.
  13. Today, Kabel Deutschland announced changes in the Company’s Supervisory Board. Effective November 1, 2013, Dirk Barnard (Vodafone Deutschland), Philipp Humm (Vodafone Group Plc), Dr. Thomas Nowak (Vodafone Deutschland), Karsten Pradel (Vodafone Group Plc) and Jens Schulte-Bockum (Vodafone Deutschland) were appointed by court to the Supervisory Board. Philipp Humm shall be elected Chairman of the Supervisory Board at the next Supervisory Board meeting and replace Tony Ball who resigned his position end of October 2013. At the same time as Tony Ball, Catherine Muehlemann, Martin David Stewart, Paul Stodden and Torsten Winkler stepped down as members of Kabel Deutschland’s Supervisory Board.

Development Kabel Deutschland

Additional Information

The financials for Kabel Deutschland Holding AG’s third quarter and nine months of the current fiscal year ending on March 31, 2014 will be released on February 5, 2014.

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