Central European Media Enterprises Ltd. (CETV: Quote) announced the closing of the sale of approximately 9.9 million shares of the Company's Class A common stock to Time Warner Media Holdings B.V. or "TW", an affiliate of Time Warner Inc., and 2 million shares of Class A common stock to RSL Capital LLC, an affiliate of CME's Non-Executive Chairman, Ronald Lauder, all at a purchase price per share of US$7.51.
The aggregate purchase price from the sales was approximately US$89 million, which has been applied to repay an equivalent amount of principal and accrued interest of the loans drawn under the Term Loan Facilities Credit Agreement between Central European Media, as borrower, and Time Warner Inc., as administrative agent and lender, dated April 30, 2012.
In connection with the closing of these transactions, TW and Lauder have converted all their shares of Class B common stock into shares of Class A common stock on a one-for-one basis for no additional consideration. As a result of the transaction, TW increased its ownership in Central European Media to 40% on a diluted basis.
Click here to receive FREE breaking news email alerts for Central European Media Enterprises Ltd and others in your portfolio
by RTT Staff Writer
For comments and feedback: email@example.com