By Paul A. Harris
St. Louis, May 9 - Central European Media Enterprises Ltd. priced a €150 million issue of seven-year senior floating-rate notes (Ba3/expected B+) at par to yield Euribor plus 162.5 basis points on Wednesday, according to market sources.
The coupon came on the tight end of the Euribor plus 175 bps area price talk.
JP Morgan, Lehman Brothers and ING were joint bookrunners for the Regulation S-only transaction.
Proceeds from the notes will be used for general corporate purposes, including the potential purchase of additional ownership interests in existing operations.
The Hamilton, Bermuda-based company has broadcast operations in Central Europe.
| Issuer: | Central European Media Enterprises Ltd.
|
| Amount: | €150 million
|
| Maturity: | May 15, 2014
|
| Security description: | Senior secured floating-rate notes
|
| Bookrunners: | JP Morgan, Lehman Brothers, ING
|
| Coupon: | Euribor plus 162.5 bps
|
| Price: | Par
|
| Yield: | Euribor plus 162.5 bps
|
| Call protection: | Callable in six months at 102, in 12 months at 101, in 24 months at par
|
| Trade date: | May 9
|
| Settlement date: | May 16
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: B+ expected
|
| Distribution: | Regulation S-only
|
| Price talk: | Euribor plus 175 bps area
|
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