KKR, Permira Seek to Amend Loans to Cut ProSiebenSat.1 Stake
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KKR & Co. and Permira Advisers LLP are seeking to amend terms of loans to allow them to cut their stake in ProSiebenSat.1 Media AG without triggering a debt repayment, according to two people with knowledge of the matter.
The two private-equity firms, which own 53 percent of ProSiebenSat.1 through investment vehicle Lavena Holding, asked lenders for permission to reduce their holding of voting shares to as little as 35.1 percent before being required to repay debt used to buy the German broadcaster in 2007, said the people, who declined to be identified because the request is private.