TVN has completed a five-year bond issue of PLN500 million (€148 million), the company reported on Tuesday. According to earlier announcements, part of the bond issue will be used to pay for the purchase of a 25% stake in the pay-TV platform "n."
Reuters quoted TVN's CFO Karen Burgess as saying, "This PLN 500 million 2008-2013 bond issue is a cornerstone in our strategy to reduce TVN's borrowing cost and to eliminate foreign exchange exposure by repaying early partially or in full our 235 million euros 2003-2013 Eurobond." Burgess added, "In order to fully replace our Euro debt with Polish zlotys we intend to raise additional funds reducing further our borrowing costs by eliminating our foreign exchange debt exposure and the associated cost of managing this exposure."
TVN, Poland's largest media group, trades on the Warsaw stock exchange as TVNN.