SBS Broadcasting calls 12% notes

New York, May 12 - SBS Broadcasting SA said it will redeem all €103.7 million of its 12% senior notes due 2008 on June 15.

The Luxembourg-based television and radio company will pay 106% of par plus accrued interest.

Funding for the redemption will come from SBS' new €325 million secured syndicated multicurrency revolving credit facility.

Interest on the new loan is at Euribor plus a margin based on the company's senior net debt leverage ratio, initially 75 basis points.

Lead arrangers for the loan are ABN Amro Bank NV, Citigroup Global Markets Ltd., Deutsche Bank AG London and The Royal Bank of Scotland plc.

The facility matures after five years, although in the first year SBS can request a one-year extension.

Other borrowings on the new loan were used to repay €210 million of borrowings under a €300 million bridge facility with ABN Amro NV that SBS used to help pay for its €269.6 million acquisition of Nordic premium pay television provider C More Group AB on March 8.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.