KKR-backed Seven West Media looks into debt refinancing
Australia’s Seven West Media, which is part-owned by KKR, is assessing bank proposals to refinance up to A$2 billion ($2.1 billion) of debt. Sources familiar with the situation told Reuters that several banks have bid to underwrite 3-5 year funding packages.
According to Bloomberg, the proceeds will be used to refinance a A$2.55 billion facility that Seven Media Group signed in February 2007 and which matures in 2013.
Seven West Media owns Australia's top-rating television network and its second-largest magazine publisher, as well as half of a web portal joint venture run with Yahoo. The company was formed earlier this year through the sale of KKR-backed Seven Media to West Australian Newspapers Holdings (WAN) for A$1.98 billion. The deal was worth A$4.1 billion including assumed debt.
KKR's 47% stake in Seven Media Group translated into a 12.6% holding in Seven West while Seven Media Group's parent, Seven Group Holdings, saw its 47% stake convert into a 29.6% share of the merged entity. The remainder is owned by WAN, which is run by local media baron Kerry Stokes.
It was reported yesterday that CVC Asia Pacific is looking into refinancing options for up to A$3.5 billion ($3.7 billion) in debt on the books of portfolio company Nine Entertainment, which owns an Australian television network as well as the country's largest magazine publisher. The company has up to A$2.6 billion in senior debt is due in February 2013 and about A$900 million in mezzanine debt is due in April 2014.
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