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The Firm represented the initial purchasers, led by Deutsche Bank, in connection with two Rule 144A and Regulation S offerings for a combined €440 million in aggregate principal amount of 11.625% Senior Notes due 2016 by Central European Media Enterprises Ltd. ("CME"). The initial offering of €200 million was so well received in the previously cautious European high yield market that Deutsche Bank was able to lead an add-on offering which raised an additional €240 million in a single day. The proceeds of the offerings will be used to repay outstanding debt, and the Firm also acted as counsel to Deutsche Bank as Dealer Manager in connection with a concurrent debt tender offer using a portion of the proceeds raised.

CME is the largest broadcaster and media content producer in Central and Eastern Europe with 19 free-to-air and cable television channels in seven Central and Eastern European countries (the Czech and Slovak Republics, Slovenia, Romania, Bulgaria, Croatia and Ukraine).

The Simpson Thacher team for the offerings included: Greg Conway, Wheatly Aycock and Bradley Wilson (Capital Markets), Aurelien Jolly (Credit), and SeoJung Park (Tax).  Nick Shaw and Wheatly Aycock led the team advising on the tender offer.  Paralegals Vijay Chavda and Colin Brodie also assisted.