Company sells shares at $7.51 apiece to Time Warner Media, RSL Capital
By Devika Patel
Knoxville, Tenn., June 18 - Central European Media Enterprises Ltd. completed an $89.38 million private placement of stock on June 15, according to an 8-K filed Monday with the Securities and Exchange Commission. The deal priced for about $86.37 million on April 30.
The company sold 11,901,260 class A common shares at $7.51 apiece. The price per share is a 74.65% premium to $4.30, the April 27 closing share price.
Time Warner Media Holdings BV bought 9,901,260 shares, and RSL Capital LLC bought 2 million shares. The placement increases Time Warner Media's ownership to 40%.
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: | $89,378,463
|
| Shares: | 11,901,260
|
| Price: | $7.51
|
| Warrants: | No
|
| Investors: | Time Warner Media Holdings BV (for $74,358,463), RSL Capital LLC (for $15.02 million)
|
| Pricing date: | April 30
|
| Settlement date: | June 15
|
| Stock symbol: | OTCBB: CETV
|
| Stock price: | $4.30 at close April 27
|
| Market capitalization: | $361.98 million
|
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