HAMILTON, Bermuda, April 3, 2014 (GLOBE NEWSWIRE) -- Central European Media Enterprises Ltd. (" CME") (Nasdaq:CETV) (Prague Stock Exchange:CETV) announced today the commencement of the subscription period (the " Subscription Period") for its previously-announced fully-backstopped $341.8 million rights offering (the " Rights Offering"). The Subscription Period commences today, April 3, 2014 and will end at 5:00 p.m., New York City time, on April 25, 2014, unless the Subscription Period is extended by CME. Under the terms of the Rights Offering, CME will distribute one (1) right (each, a " Right") for every 62.0102 outstanding shares of its Class A Common Stock and every 62.0102 shares of Class A Common Stock issuable upon conversion of its outstanding share of Series A Convertible Preferred Stock (" Series A Preferred Stock") and/or its outstanding shares of Series B Convertible Redeemable Preferred Stock (" Series B Preferred Stock") (calculated as of December 25, 2013). As previously announced, CME fixed 5:00 p.m., New York City time, on March 21, 2014 as the record date for determining the holders of shares of Class A Common Stock, Series A Preferred Stock and Series B Preferred Stock. Each Right will entitle the holder thereof to purchase, at the holder's election and subject to the satisfaction of a minimum subscription amount, at the subscription price of one hundred dollars ($100.00), one (1) unit (each, a " Unit"), consisting of (a) a 15.0% Senior Secured Note due 2017 in the original principal amount of $100.00 and (b) 21 unit warrants (each, a " Unit Warrant"), with each Unit Warrant entitling the holder thereof to purchase one share of CME's Class A Common Stock at an exercise price of $1.00 per share.
Central European Media Enterprises Ltd. Announces Commencement Of Rights Offering
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