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central european media ent-a (CETV) Key Developments

Duco Sickinghe Resigns from the Board of Directors of Central European Media Enterprises Ltd., Effective January 1, 201

Mr. Duco Sickinghe resigned from the Board of Directors of Central European Media Enterprises Ltd., effective January 1, 2015.

Central European Media Enterprises Ltd. Announces Refinancing of 2017 Fixed Rate Notes and Commitment to Refinance 2015 Convertible Notes

Central European Media Enterprises Ltd. announced that it will redeem all outstanding 9.0% Senior Notes due 2017 issued by its wholly owned subsidiary CET 21 spol. s r.o. and that it has entered into a commitment letter with Time Warner Inc. to refinance its 5.0% Senior Secured Convertible Notes due 2015, which mature on November 15, 2015. Central European Media Enterprises also announced that it has entered into a EUR 250,800,000 senior unsecured term credit facility agreement dated as of November 14, 2014 with BNP Paribas, as administrative agent, Time Warner, as guarantor, and the lenders party thereto, and with BNP Paribas Securities Corp. and Crédit Agricole Corporate and Investment Bank acting as joint-lead arrangers and joint bookrunners, to fund the 2017 Fixed Rate Notes redemption. The 2017 Third Party Credit Agreement will bear cash interest at three-month EURIBOR, fixed at approximately 0.21% pursuant to customary interest rate hedging agreements entered into today, plus a margin between 1.07% and 1.90% (depending on the credit rating of Time Warner) and will mature on November 1, 2017. Additionally, Central European Media Enterprises will pay Time Warner a guarantee fee equal to 8.50% minus the rate of interest paid to the lenders under the 2017 Third Party Credit Agreement, multiplied by the principal amount of loans outstanding under the 2017 Third Party Credit Agreement at any time, payable semi-annually in cash or in kind at Central European Media Enterprises's option, with unpaid amounts accruing interest at the Guarantee Fee Rate, payable in cash or in kind at CME's option. Central European Media Enterprises may prepay the loans under the 2017 Third Party Credit Agreement in whole or in part at any time from June 1, 2016 without premium or penalty. Loan proceeds under the 2017 Third Party Credit Agreement will be applied to redeem and discharge in full the EUR 240,000,000 aggregate principal amount of the 2017 Fixed Rate Notes, including premium. Central European Media Enterprises also entered into an amended and restated revolving loan facility credit agreement with Time Warner, as administrative agent, and the lenders party thereto to, among other things, reduce the applicable interest rates for loans made under the facility. Amounts outstanding under the Restated Time Warner Revolving Loan Agreement will bear interest at a rate based on, at Central European Media Enterprises' option, the alternate base rate plus 8% or the adjusted LIBO rate plus 9%. The remaining terms of the Restated Time Warner Revolving Loan Agreement remain substantially the same as the original revolving loan facility credit agreement dated as of May 2, 2014.

Central European Media Enterprises Ltd. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Updates Earnings Guidance for the Full Year of Fiscal 2014; Provides Cash Flow Guidance for the Full Year of Fiscal 2015

Central European Media Enterprises Ltd. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported net revenues of $140,149,000 against $130,988,000 a year ago. Operating loss was $8,640,000 against $43,933,000 a year ago. Loss from continuing operations before tax was $51,680,000 against $24,104,000 a year ago. Loss from continuing operations was $52,338,000 or $0.38 per basic and diluted share against $21,808,000 or $0.17 per basic and diluted share a year ago. Net loss attributable to the company was $52,138,000 against $23,091,000 a year ago. Basic and diluted net loss per share was $0.38 against $0.18 a year ago. Total OIBDA was $2,937,000 against negative OIBDA of $31,585,000 a year ago. OIBDA improved at a much faster pace in revenues during the third quarter. Some of this was due to $8 million of fewer programming impairments, $4 million of lower restructuring charges and the absence of $6 million in severance charges the company incurred in third quarter of 2013. Profit has improved due to lower cash interest payments, and interest that's been paid in kind, on the debt issued in the rights offering related financing transactions, completed during the second quarter. For the nine months, the company reported net revenues of $496,256,000 against $437,214,000 a year ago. Operating loss was $377,000 against $83,387,000 a year ago. Loss from continuing operations before tax was $134,141,000 against $187,572,000 a year ago. Loss from continuing operations was $135,089,000 or $1.00 per basic and diluted share against $170,963,000 or $1.46 per basic and diluted share a year ago. Net loss attributable to the company was $152,491,000 against $172,329,000 a year ago. Basic and diluted net loss per share was $1.12 against $1.48 a year ago. Total income before depreciation and amortization was $42,191,000 against negative OIBDA was $44,339,000 a year ago. Net cash used in continuing operating activities was $18,417,000 against $54,735,000 a year ago. Negative free cash flow was $38,631,000 against $75,373,000 a year ago. The company updated earnings guidance for the full year of fiscal 2014. The company expects free cash flow for the full year 2014 to be more negative than that to 2013. The company announced that OIBDA for the full year will be toward the higher end of the $85 million to $95 million guidance range the company gave previously. The company provided cash flow guidance for the full year of fiscal 2015. The company also announced that it believes positioned to be free cash flow positive in 2015.

Central European Media Enterprises Ltd. to Report Q3, 2014 Results on Oct 30, 2014

Central European Media Enterprises Ltd. announced that they will report Q3, 2014 results at 10:00 AM, US Eastern Standard Time on Oct 30, 2014

Central European Media Enterprises Ltd., Q3 2014 Earnings Call, Oct 30, 2014

Central European Media Enterprises Ltd., Q3 2014 Earnings Call, Oct 30, 2014

 

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