This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,356.87 +288.00 1.69%
S&P 500 2,012.89 +40.15 2.04%
NASDAQ 4,644.3120 +96.4780 2.12%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs