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CME Announces The Pricing Of The Offering Of EUR 104.0 Million 11.625% Senior Notes Due 2016

Stocks in this article: CETV

HAMILTON, Bermuda, Sept. 5, 2012 (GLOBE NEWSWIRE) -- Central European Media Enterprises Ltd. ("CME" or the "Company") (Nasdaq:CETV) (Prague Stock Exchange:CETV) announced the pricing yesterday of its offering of fixed rate senior notes in the aggregate principal amount of EUR 104.0 million (approximately US$ 130.7 million) due in 2016. The notes will have the same terms and be of the same series as the 11.625% senior notes due 2016 that the Company issued on September 17, 2009 and September 29, 2009. The notes will be sold to investors at a purchase price equal to 103% of the principal amount, plus accrued interest from March 15, 2012, will pay interest semi-annually at a rate of 11.625% per year and will mature on September 15, 2016.

The notes will be senior obligations of CME and will rank equally in right of payment with its existing and future senior debt. The notes will be jointly and severally guaranteed on a senior basis by two of CME's wholly owned subsidiaries. The notes will be secured by a security interest in the shares of the two subsidiary guarantors of CME. The sale of the notes is expected to close on September 7, 2012.

The Company will use approximately EUR 16.7 million (approximately US$ 21.0 million) of the net proceeds from the offering to irrevocably deposit in escrow US$ 21.0 million, consisting of US$ 20.6 million aggregate principal amount of 3.50% senior convertible notes due 2013 plus accrued interest of approximately US$ 0.4 million for the final interest payment for the period from September 15, 2012 to the maturity on March 15, 2013, for the payment in full of the 3.50% senior convertible notes at maturity, and the remaining net proceeds of approximately EUR 88.1 million (approximately US$ 110.8 million) to optionally redeem and cancel EUR 87.5 million (approximately US$ 110.2 million) aggregate principal amount of the Company's outstanding senior floating rate notes due 2014 plus accrued interest to the redemption date.

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