Central European Media Enterprises Ltd. Announces Launch of Consent
Solicitation by Its Czech Subsidiary CET 21 spol. s r.o. in Connection With
CET 21 spol. s r.o.'s 9.0% Senior Secured Notes Due 2017
HAMILTON, Bermuda, Feb. 28, 2014 (GLOBE NEWSWIRE) -- Central European Media
Enterprises Ltd. ("CME") (Nasdaq:CETV) (Prague Stock Exchange:CETV) announced
today that its wholly owned subsidiary CET 21 spol. s r.o. ("CET 21") has
commenced a consent solicitation for CET 21's 9.0% Senior Secured Notes due
2017 (the "Notes"). CET 21 is soliciting consents to certain proposed
amendments to the indenture governing the Notes.The principal purpose of the
consent solicitation is to enhance the liquidity and operating cashflow
position of CME and its restricted subsidiaries, including CET 21, by, in
part, substituting certain cash pay indebtedness of CME with non-cash pay
indebtedness of CME and undertaking other associated transactions.
The consent solicitation is scheduled to expire at 5:00 p.m., New York City
time, on March 11, 2014, unless extended by CET 21.Holders who validly
deliver (and do not validly revoke) consents to the proposed amendments will
receive a consent fee in the amount of €2.50 in cash per €1,000 principal
amount of the Notes.
The consent solicitation is subject to the satisfaction of certain conditions,
including there being validly delivered (and not validly revoked) consents
from the holders of not less than a majority in aggregate principal amount of
the outstanding Notes.
The terms of the consent solicitation are described in CET 21's Consent
Solicitation Statement, dated February 28, 2014 (the "Consent Solicitation
Statement").Copies of the Consent Solicitation Statement may be obtained from
the Information Agent for the consent solicitation, Global Bondholder Services
Corporation, at +1 (212) 430-3774.
Citigroup Global Markets Inc. is the Solicitation Agent for the consent
solicitation.Questions regarding the consent solicitation may be directed to
Citigroup Global Markets Inc., in New York at +1 (212) 723-6106 or London at
+44 (0) 20 7986 8969.
This release does not constitute an offer to purchase, a solicitation of an
offer to sell or a solicitation of consent with respect to any securities.The
consent solicitation is being made solely by the Consent Solicitation
CME is a media and entertainment company operating leading businesses in six
Central and Eastern European markets with an aggregate population of
approximately 50 million people. CME broadcasts television channels in
Bulgaria (bTV, bTV Cinema, bTV Comedy, bTV Action, bTV Lady, bTV Lady+1,
Ring.bg and Ring.bg+1), Croatia (Nova TV, Doma, Nova World and Mini TV), the
Czech Republic (TV Nova, Nova Cinema, Nova Sport, Fanda, Smichov and Telka),
Romania (PRO TV, PRO TV International, Acasa, Acasa Gold, PRO Cinema,
Sport.ro, MTV Romania, PRO TV Chisinau and Acasa in Moldova), the Slovak
Republic (TV Markíza, Doma and Dajto), and Slovenia (POP TV, Kanal A, Brio,
Oto and Kino). CME is traded on the NASDAQ Global Select Market and the Prague
Stock Exchange under the ticker symbol "CETV".
This press release contains forward-looking statements within the meaning of
the federal securities laws, including statements related to the offering and
the expected use of the net proceeds therefrom, which are based on current
expectations, forecasts and assumptions that involve risks and uncertainties
that could cause actual outcomes and results to differ materially.
Forward-looking statements relate to expectations, beliefs, projections,
future plans and strategies, anticipated events or trends and similar
expressions concerning matters that are not historical facts. In some cases,
you can identify forward-looking statements by the use of forward-looking
terminology such as "may," "will," "should," "expects," "intends," "plans,"
"anticipates," "believes," "estimates," "predicts," or "potential" or the
negative of these words and phrases or similar words or phrases, which are
predictions of or indicate future events or trends and which do not relate
solely to historical matters. While forward-looking statements reflect CME's
good faith beliefs, assumptions and expectations, they are not guarantees of
future performance. Furthermore, CME disclaims any obligation to publicly
update or revise any forward-looking statement to reflect changes in
underlying assumptions, new information or other changes. Known material
risks, uncertainties and other factors that can affect future results are
discussed or incorporated by reference in periodic reports under the
Securities Exchange Act of 1934, as amended, filed by CME from time to time
with the Securities and Exchange Commission.
CONTACT: For further information, please contact:
Head of Investor Relations
Central European Media Enterprises
Krizeneckeho nam. 1078/5
152 00 Praha 5
+420 242 465 576
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