Key Developments For Central European Media Enterprises Ltd.
Central European Media Enterprises Ltd. (CETV.O) (Nasdaq)
Central European Media Enterprises Issues FY 2009 Revenue Outlook; Reaffirms FY 2009 EBITDA Outlook-Conference Call
Central European Media Enterprises announced that for fiscal 2009, it expects to generate a little more than $700 million of revenues. The Company reaffirmed fiscal 2009 outlook for $60 to $70 million range of EBITDA. According to Reuters Estimates, analysts on an average are expecting the Company to report revenue of $714 million for fiscal 2009.
Central European Media Enterprises Issues FY 2009 EBITDA Guidance Below Analysts' Estimates-Reuters
Reuters reported that Central European Media Enterprises expects fiscal 2009 consolidated earnings at $60-$70 million. According to Reuters Estimates, analysts were expecting the Company to report EBITDA of $147 million for the same period.
Central European Media Enterprises Plans To Sell Senior Notes
Central European Media Enterprises announced that it has planned to make a private placement of fixed rate senior notes in the aggregate principal amount of approximately EUR200.0 million (approximately USD295.8 million). The notes will have the same terms and be of the same series as the 11.625% senior notes due 2016 that the Company issued and sold on September 17, 2009. The Company intends to commence the offer shortly. The Company expects to use the net proceeds of the offering to redeem all outstanding EUR181.8 million (approximately USD268.9 million) 8.25% Senior Notes due 2012 of the Company and for general corporate purposes.
Central European Media Enterprises Prices Offering Of EUR200 Million Of 11.625% Senior Notes Due 2016
Central European Media Enterprises announced the pricing of its offering of fixed rate senior notes in the aggregate principal amount of EUR200 million (approximately USD290 million) due in 2016. The notes will be sold at a purchase price equal to 98.261% of their face amount, pay interest semi-annually at a rate of 11.625% per year beginning March 15, 2010, and will mature on September 15, 2016. The notes will be senior obligations of CME and will rank equally in right of payment with its existing and future senior debt. The notes will be jointly and severally guaranteed on a senior basis by two of CME's wholly-owned subsidiaries. The notes will be secured by a security interest in the shares of the two subsidiary guarantors and certain contractual claims of CME. The sale of the notes is expected to close on September 17, 2009.
Central European Media Enterprises Plans to Sell Senior Notes
Central European Media Enterprises announced that it plans to make a private placement of fixed rate senior notes in the aggregate principal amount of approximately Euro 150 million (approximately US$ 214.2 million). The Company expects to commence the offering shortly. The Company expects to apply the net proceeds from the offering of the senior notes to repay the Euro 127.5 million (approximately US$ 182 million) principal amount outstanding under the Company's loan agreements with the European Bank for Reconstruction and Development (EBRD) (and to cancel the EBRD loan agreements and release the security interests in favor of EBRD) and to repurchase and cancel a portion of the Company's 8.25% Senior Notes due 2012 or repay other outstanding indebtedness with the remainder of the net proceeds.. The notes will be senior secured obligations of the Company.
