Central European Media extends tenders for floaters, 11 5/8% notes

By Angela McDaniels

Tacoma, Wash., May 25 - Central European Media Enterprises Ltd. extended the modified Dutch auction tender offers for its floating-rate senior notes due 2014 and 11 5/8% senior notes due 2016 to 11 a.m. ET on June 11 from 11 a.m. ET on May 25, according to a company news release.

The company is offering to purchase up to the euro equivalent of $170 million principal amount of notes. It will determine how much of the cap to allocate to each series of notes at its discretion.

In addition, the company increased the minimum price for the floating-rate notes to 91% of par and the maximum price to 94% of par. For the 11 5/8% notes, the company increased the minimum price to 103% of par and the maximum price to 106% of par.

When the offer began on April 30, the price range was 86% of par to 92% of par for the floating-rate notes and 97% of par to 100% of par for the 11 5/8% notes.

The purchase price for a series of notes will be the lowest price that will allow Central European Media to accept the total amount of that series that it decides to purchase.

The company will fund the offer with up to $300 million from the term loan facilities agreement it reached with shareholder Time Warner Inc. as administrative agent.

The dealer manager is J.P. Morgan Securities Ltd. (44 207 325 9633, 44 207 777 3548, daniele.moteni@jpmorgan.com or emea_lm@jpmorgan.com). The tender agent is Lucid Issuer Services Ltd. (44 0 20 7704 0880 or cme@lucid-is.com).

Hamilton, Bermuda-based Central European Media provides television broadcasts in Central and Eastern Europe.

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