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Central European Media Prices Common Stock Issue

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A new common stock issue from Central European Media Enterprises (NASDAQ: CETV  ) now has a price tag. The broadcasting group is floating nearly 54.5 million shares of its class A common stock in an underwritten public offering, for which it will charge $2.75 per share. The company's underwriters have been granted a 30-day purchase option to buy up to an additional 5.4 million-plus shares.

CME's largest shareholder, Time Warner affiliate Time Warner Media Holdings, has exercised its contractual right, and committed to buy 49.9% of the shares being sold.

JPMorgan Chase's J.P. Morgan Securities unit is the sole book-running manager for the issue. CME expects the offering to close on May 8.

Time Warner Media Holdings is also to buy $200 million worth of a new series of CME preferred stock in a private placement.

CME said it plans to use the proceeds of the offerings to buy back or redeem a portion of its outstanding 11.625% senior notes maturing in 2016, and for "general corporate purposes."

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Related Tickers

9/28/2016 4:00 PM
CETV $2.35 Up +0.04 +1.73%
Central European M… CAPS Rating: *