Central European Media announces EUR 200 mln Eurobond placement

In a press release on Friday, Central European Media Enterprises (CETV US) announced the pricing of its EUR 200 mln Eurobond due in 2016. The notes will pay a semiannual interest rate of 11.625% beginning March 15, 2010 and mature on September 15, 2016. The company plans to close the sale of the senior notes on September 17. CME will use the proceeds of the notes to repay a EUR 127.5 mln loan from the European Bank for Reconstruction and Development and to repurchase and cancel EUR 63.2 mln of the company’s 8.25% senior notes due in 2012. CME is a broadcaster in seven Central and Eastern European countries; in Ukraine it controls the stations Studio 1+1, Studio 1+1 International and Kino.