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CME Exchanges Convertible Notes

FNE Staff 2011-02-21

HAMILTON, BERMUDA: Television group Central European Media Enterprises Ltd. (CME, www.cetv-net.com) announced the completion of a privately negotiated exchange of convertible notes due in 2013 for convertible notes due in 2015, at a value of $206,252,000.

The agreement exchanged 3.50% senior convertible notes due in 2013 for a $206,252,000 in 5.0% senior convertible notes due 15 November 2015 and cash consideration as well as accrued interest on the 2013 notes of approximately $30.2 million.

The new notes will be convertible into shares of Class A common stock based on an initial conversion rate of 20 shares of CME's Class A common stock per $1,000 principal amount of notes.

Adrian Sarbu, President and Chief Executive Officer, said in a statement, "We are pleased to announce the success of this private refinancing, demonstrating the strong support for CME among the debt investor community. This is an efficient transaction, extending our maturity profile. It allows us to maintain our cash interest cost at similar levels to 2010."

CME's operates television stations in Bulgaria (bTV, bTV Cinema, bTV Comedy, bTV Action and Ring.bg), Croatia (Nova TV and Doma), the Czech Republic (TV Nova, Nova Cinema, Nova Sport and MTV Czech), Romania (PRO TV, PRO TV International, Acasa, PRO Cinema, Sport.ro and MTV Romania), the Slovak Republic (TV Markiza and Doma) and Slovenia (POP TV, Kanal A and POP Brio). CME trades on the NASDAQ and the Prague Stock Exchange under the ticker symbol "CETV".

CME will announce its fourth quarter and 2010 year results on 23 February 2011.

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