Company sells shares at $7.51 apiece to Time Warner Media, RSL Capital
By Devika Patel
Knoxville, Tenn., April 30 - Central European Media Enterprises Ltd. arranged a private placement of stock to raise about $86.37 million on April 30, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company will sell approximately 11.5 million class A common shares at $7.51 apiece to Time Warner Media Holdings BV and RSL Capital LLC. The price per share is a 17.65% discount to $4.25, the Feb. 4 closing share price.
Time Warner Media will purchase a number of shares in order to increase its ownership to 40% on a diluted basis and RSL will purchase 2 million shares for $15.02 million.
In addition, Time Warner Inc. plans to invest $300 million in the company.
Proceeds from the placement and loan will be used to repurchase the company's 3.5% senior convertible notes due 2013, its senior floating rate notes due 2014 and its 11.625% senior notes due 2016.
London-based Central European Media provides television broadcasts in Central and Eastern Europe.
| Issuer: | Central European Media Enterprises Ltd.
|
| Issue: | Class A common stock
|
| Amount: | $86,365,000 (approximate)
|
| Shares: | 11.5 million (approximate)
|
| Price: | $7.51
|
| Warrants: | No
|
| Investor: | Time Warner Media Holdings BV (to increase ownership to 40%), RSL Capital LLC (for $15.02 million)
|
| Pricing date: | April 30
|
| Stock symbol: | OTCBB: HUTC
|
| Stock price: | $4.30 at close April 27
|
| Market capitalization: | $141.06 million
|
© 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.
