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Metromedia International to retire 10½% discount notes with proceeds from PeterStar sale
New York, Feb. 18 - Metromedia International Group Inc. said it will retire all $152 million of its 10½% senior discount notes due 2007 with part of the proceeds of its planned sale of ZAO PeterStar.
The Charlotte, N.C., owner of communications businesses in Russia and Georgia said Friday that it had agreed to sell PeterStar to First National Holding SA, Emergent Telecom Ventures SA and Pisces Investment Ltd. for $215 million in cash.
PeterStar is a competitive local exchange carrier in St. Petersburg, Russia. Pisces is jointly owned by First National and Emergent.
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