Sky Deutschland's efforts to raise €300 million could include 14% loan

By Lisa Kerner

Charlotte, N.C., Feb. 2 - Sky Deutschland AG plans to raise a total of €300 million by the end of September in a financing process backstopped by News Corp., according to a company news release.

Sky Deutschland plans to raise at least €100 million by the end of March through one or more of the following: a loan provided by News Corp., a rights offering and/or a private placement of shares with a maximum of up to 10% of registered shares and limited to the company's investors.

The loan would have a 14% coupon payable in kind and a two-year maturity.

The remaining €200 million is expected to be raised by the end of September through one or more of the above measures and/or a convertible bond offering.

The financing measures are structured such that News Corp.'s current 49.9% shareholding in Sky Deutschland will not increase unless the London-based global media company wants it to.

Sky Deutschland is a pay television provider based in Unterfoehring, Germany.

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