This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Central European Media Enterprises Ltd. Announces The Completion Of An Exchange Of Its Convertible Notes Due 2013 For Convertible Notes Due 2015

HAMILTON, Bermuda, Feb. 21, 2011 (GLOBE NEWSWIRE) -- Central European Media Enterprises Ltd. ("CME" or the "Company") (Nasdaq:CETV) (Prague Stock Exchange:CETV) today announced that it has completed the privately negotiated exchange of a US$ 206,252,000 aggregate principal amount of its 3.50% senior convertible notes due 2013 ("2013 notes") for a US$ 206,252,000 aggregate principal amount of 5.0% senior convertible notes due 2015 (the "new notes") and cash consideration as well as accrued interest on the 2013 notes of approximately US$ 30.2 million.

The new notes will bear interest at 5.0% per annum and will mature on November 15, 2015. The new notes will be convertible into shares of Class A common stock upon the occurrence of certain specified events based on an initial conversion rate of 20 shares of CME's Class A common stock per $1,000 principal amount of notes (which is equivalent to an initial conversion price of $50 per share of CME's Class A common stock). The new notes will be jointly and severally guaranteed on a senior basis by two of CME's wholly-owned subsidiaries. The new notes will be secured by a security interest in shares of these two subsidiary guarantors.

Adrian Sarbu, President and Chief Executive Officer, commented: "We are pleased to announce the success of this private refinancing, demonstrating the strong support for CME among the debt investor community. This is an efficient transaction, extending our maturity profile. It allows us to maintain our cash interest cost at similar levels to 2010."

CME is a vertically integrated media company operating leading broadcast, content and new media businesses in six Central and Eastern European countries with an aggregate population of approximately 50 million people. CME's television stations are located in Bulgaria (bTV, bTV Cinema, bTV Comedy, bTV Action and, Croatia (Nova TV and Doma), the Czech Republic (TV Nova, Nova Cinema, Nova Sport and MTV Czech), Romania (PRO TV, PRO TV International, Acasa, PRO Cinema, and MTV Romania), the Slovak Republic (TV Markiza and Doma) and Slovenia (POP TV, Kanal A and POP Brio). CME is traded on the NASDAQ and the Prague Stock Exchange under the ticker symbol "CETV".
CONTACT: Romana Wyllie
         Vice President of Corporate Communications
         Central European Media Enterprises
         +420 242 465 525

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs