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Central European Media completes refinancing transaction


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Central European Media completes refinancing transaction

CentralEuropean Media Enterprises Ltd. completed the previously announcedrefinancing transaction.

The transaction included a new €469 million senior unsecuredterm credit facility agreement, guaranteed by , used, together withcorporate cash, to refinance $503 million of Central European Media's 15.0%senior notes due 2017 and the $38 million term loan under the term loan creditfacility agreement between Central European Media and Time Warner, as amendedand restated as of Nov. 14, 2014, the company said April 8.

Additionally, the maturity date of the existing €251 millionterm loan has been extended by one year so the company's nearest debt maturityis now November 2018. Also, the maturity date of Central European Media'sexisting $115 million revolving credit facility has been extended to 2021 from2017 with access to $50 million of liquidity from 2018.

Following this transaction, all senior debt currentlyoutstanding is denominated in Euros. The all-in rate applicable to the new €469million term loan and associated guarantee by Time Warner ranges from 10.5% to7.0%, depending on the net leverage ratio of Central European Media, decreasingthe cost of borrowing as Central European Media's net leverage ratio improves.

Further, the cost of the revolving credit facility, which iscurrently undrawn, ranges from 10.0% to 7.0%, depending on the net leverageratio of Central European Media, also decreasing the cost of borrowing asCentral European Media's net leverage ratio improves.