April 8, 2014 / 7:51 AM / 3 years ago

Polish Cyfrowy Polsat redeems 350 mln euros worth of bonds

WARSAW, April 8 (Reuters) - Poland's largest media group Cyfrowy Polsat plans to redeem its bonds worth 350 million euros ($481 million) due in 2018, the company said on Tuesday.

Cyfrowy, controlled by second richest Pole Zygmunt Solorz-Zak, conducted talks on refinancing its debt as part of the 6.2 billion zloty ($2.04 billion) buyout of the country's No.3 mobile operator Polkomtel.

Solorz-Zak decided to merge Cyfrowy and Polkomtel to ease their debt burden and create a company generating 10 billion zlotys in revenue. The deal means that Cyfrowy takes on 10.2 billion debt left over from Solorz-Zak buyout of Polkomtel.

Bonds redemption issued by Cyfrowy Polsat Finance AB is planned for early May, assuming that the company gets refinancing, Cyfrowy said in a statement. ($1 = 0.7277 Euros) ($1 = 3.0364 Polish Zlotys) (Reporting by Marcin Goclowski)

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