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Central European Media gets tenders for $109.01 million convertibles
By Susanna Moon
Chicago, May 29 - Central European Media Enterprises Ltd. said holders tendered $109,013,000 of its 3.5% senior convertible notes due 2013 in the offer for up to $129.7 million of the notes.
The offer began on April 30 and ended at 11:59 p.m. ET on May 25.
The company said it also received the needed consents to amend the notes to eliminate or modify covenants and to eliminate events of default.
The adoption of the proposed amendments required the consent of the holders of a majority of the outstanding notes.
The company expects to settle the notes on May 31 using a drawdown of about $109 million under term loan facilities with Time Warner Inc. as administrative agent and lender, according to a company press release.
In connection with the end of the offer, the $49,506,000 principal amount of notes held by CME Media Enterprises BV, a wholly owned subsidiary, also will be delivered to the trustee for cancellation within three business days after the close of the offer.
After settlement, $20,687,000 principal amount of the notes will remain outstanding.
As previously noted, the total purchase price will be par plus accrued interest up to but excluding the settlement date.
The offer was conditioned on requirements for a $300 million draw contained in the company's term loan facilities' agreement and the receipt of the consents needed to amend the notes.
JPMorgan (800 261-5767) was the dealer manager. Global Bondholder Services Corp. (866 612-1500 or 212 430-3774) was the depositary and information agent.
London-based Central European Media provides television broadcasts in Central and Eastern Europe.
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