The Firm represented the initial purchasers, led by J.P. Morgan and a consortium of other banks, in connection with a Rule 144A and Regulation S offering of €170 million in aggregate principal amount of 9.00% Senior Secured Notes due 2017 by CET 21 spol. s r.o. (“CET 21”), a wholly-owned subsidiary of Central European Media Enterprises Ltd. ("CME").
The proceeds of the offering will be used to fully repay CET 21’s outstanding indebtedness under its facility agreement in the Czech Republic and to repay certain intercompany indebtedness, which CME intends to use to fund the redemption or repurchase of a portion of its long-term indebtedness.
The Firm also represented BNP Paribas, J.P. Morgan and a consortium of other banks as lead arrangers in connection with a new €60 million revolving credit facility for CET 21.
CME is a vertically integrated media and entertainment company operating broadcasting, internet and TV content businesses in Bulgaria, Croatia, Czech Republic, Romania, the Slovak Republic and Slovenia.
The Simpson Thacher team for the offering included: Greg Conway, Nick Shaw, Carol Daniel, Brad Wilson, Kristy Greene (Capital Markets), Stephen Short, Manas Chandrashekar, Clare Cottle, Shahpur Kabraji (Credit), and Noah Beck and Chang Won Choi (Tax). Paralegals Lisa De Nicola, Lizzy Franklin, Brendan Gallen and Minal Purohit also assisted.