Central European Media tenders for $170 million of two note series

By Susanna Moon

Chicago, April 30 - Central European Media Enterprises Ltd. began a tender offer to purchase up to the euro equivalent of $170 million principal amount of its outstanding floating-rate senior notes due 2014 and 11 5/8% senior notes due 2016.

The offer will run until midnight ET on May 25, which is the expiration date for the company's tender offer for its 3.5% senior convertible notes due 2013, according to a press release.

The company entered into a series of agreements with its major shareholders, Time Warner Inc. and Ronald Lauder, to fund tender offers to purchase up to $300 million of the two series of notes as well as its 3.5% convertibles, according to a separate release.

Time Warner has agreed to provide the company with a loan facility of up to $300 million. Time Warner Media Holdings BV and RSL Capital LLC will purchase about 11.5 million of the company's class A shares at $7.51 each.

These commitments will help the company pursue its strategy of reducing debt, the release noted.

London-based Central European Media provides television broadcasts in Central and Eastern Europe.

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