Central European Media Gains on Boosted Bond Sale: Prague Mover
Central European Media Enterprises Ltd. (CETV) rose the most in almost three weeks after the broadcaster sold more bonds than planned, curbing the need for a share sale.
The stock climbed 3.6 percent, its steepest gain since Aug. 17, to 113 koruna at the close in Prague, making it the best performer today in the 14-member PX (PX) equity index.
CME, as the company co-owned by Time Warner Inc. is known, raised 104 million euros ($131 million) in a reopening of September 2016 bonds, more than the 50 million-euro target, it said yesterday. The proceeds will be used to repay all of its 2013 notes and may help repay some of its debt due in 2014, the company said.
“The transactions improves CME’s debt profile, effectively pushing back the earliest bond maturity to 2015” and “lowers the risk of another public share issue, which the market may have been afraid of recently,” Tomas Tomcany, an analyst at Patria Finance AS, wrote on the Prague-based company’s website.
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