RM-SYSTÉM»Události»CME exercises its put option to Time Warner and completes its deleveraging transactions

CME exercises its put option to Time Warner and completes its deleveraging transactions

13.07.2012 11:02
Central European Media Enterprises Ltd. (“CME” or the “Company”) announced today that it has completed the exercise of its put option under the Equity Commitment Agreement between CME and Time Warner Media Holdings B.V. (“TW”) dated April 30, 2012 and repaid all amounts outstanding under the Term Loan Facilities Credit Agreement between the Company and Time Warner Inc. (“Time Warner”) dated April 30, 2012.

In connection with the exercise of this put, CME has issued approximately 875 thousand Class A shares to TW, an affiliate of Time Warner, as well as one share of a newly designated Series A convertible preferred stock for an aggregate consideration of approximately $90.8 million and applied this toward repayment of the outstanding loans. This preferred share will be convertible into approximately 11.2 million Class A Shares following the termination of the voting agreement with RSL Capital LLC, an affiliate of CME's Non-Executive Chairman, Mr. Ronald S. Lauder. As a result of these shares issuances, TW has increased its economic interest in CME to 49.9%.

Source: Central European Media Enterprises


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