Central European Media enters €235.34 million four-year term facility

By Wendy Van Sickle

Columbus, Ohio, Oct. 1 – Central European Media Enterprises Ltd. entered a €235.34 million senior unsecured term credit facility, according to a Thursday press release.

The facility will bear interest at Euribor plus 107 basis points to 190 bps, depending on the credit rating of loan guarantor Time Warner Inc.

Additionally, Central European will pay Time Warner a guarantee fee equal to 850 bps minus the rate of interest paid by Central European under the credit agreement, multiplied by the principal amount outstanding under the agreement, payable semiannually in cash or in kind at Central European’s option.

BNP Paribas Securities Corp., Credit Agricole CIB and SG Americas Securities LLC acted as joint lead arrangers and joint bookrunners.

The facility will mature Nov. 1, 2019. Central European may prepay borrowings in whole or in part at any time from June 1, 2016 without penalty.

Proceeds will be used to redeem the company’s 5% senior secured convertible notes at maturity on Nov. 15.

Hamilton, Bermuda-based Central European Media provides programming in Eastern European countries, including the Czech Republic, Bulgaria, Romania, Slovakia, Slovenia and Croatia.

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