Australian media company Seven West Media, which is backed by Kohlberg Kravis Roberts & Co., may refinance up to A$2 billion ($2.1 billion) of debt, Reuters reported Wednesday, citing a Basis Point report. The company is going through bank proposals to refinance the debt. KKR owns 12.6% in Seven West Media.
(Reuters) – Australian media company Seven West Media, part-owned by global buyout fund KKR, is going through bank proposals to refinance up to A$2 billion ($2.1 billion) of maturing debt, Basis Point reported on Wednesday, citing a source familiar with the matter.
Banks have bid to underwrite a mix of three-, four- and five-year funds, and the company hopes to finalise the refinancing by the end of the year, the report added.
Seven West, Australia’s largest media company, was formed earlier this year by the sale of private equity-backed Seven Media Pty Ltd to West Australian Newspapers Holdings Ltd .
Kohlberg Kravis Roberts (KKR) owns 12.6 percent in Seven West Media, while Australian media baron Kerry Stokes’ Seven Group Holdings holds 29.6 percent.
Seven West posted a net profit of A$115.1 million for the 2011 financial year ended June 30, a 20 percent jump. $1 = 0.951 Australian Dollars) (Writing by Stephen Aldred; Editing by Denny Thomas and Muralikumar Anantharaman)