Central European Media calls $503 million 15% notes due 2017 via loan

By Susanna Moon

Chicago, Feb. 22 – Central European Media Enterprises Ltd. said it will refinance its $502,504,280 of outstanding 15% senior notes due 2017 using the proceeds of a €469 million term loan guaranteed by Time Warner Inc.

Central European Media issued a call for the notes with redemption set for April 8, according to a company notice and an 8-K filing with the Securities and Exchange Commission.

The notes will be redeemed at par plus accrued interest of $26,590,851.48 from Dec. 1 to but excluding the redemption date.

The company also will use proceeds of the term loan to pay down a $38 million term loan credit facility.

“These transactions, which significantly reduce our borrowing costs and improve the maturity profile of our debt, are a big win for all of our shareholders,” Michael Del Nin, co-chief executive officer, said in the company release.

“These transactions reinforce the financial position of the company and ensure that we have the resources necessary to execute on our long-term plan,” Christoph Mainusch, co-chief executive officer, added in the release.

Hamilton, Bermuda-based Central European Media provides programming in Eastern European countries, including the Czech Republic, Bulgaria, Romania, Slovakia, Slovenia and Croatia.

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