SBS Broadcasting Enters into EUR 325 Million Secured Revolving Bank Facility
12 Mai 2005 - 3:51PM
PR Newswire (US)
SBS Broadcasting Enters into EUR 325 Million Secured Revolving Bank
Facility - Proceeds to Defease and Redeem 12% Senior Notes due 2008
and Refinance EUR 210 Million C More Acquisition Debt - LUXEMBOURG,
May 12 /PRNewswire-FirstCall/ -- SBS Broadcasting S.A. (Nasdaq:
SBTV; Euronext Amsterdam N.V.: SBS) announced today that it and
certain of its wholly owned subsidiaries have entered into a EUR
325 million secured syndicated multicurrency revolving credit
facility (the "Facility") with ABN AMRO Bank N.V., Citigroup Global
Markets Limited, Deutsche Bank AG London and The Royal Bank of
Scotland plc, as lead arrangers. In connection with the Facility,
the Company also announced today that it has called for redemption
all its 12% Senior Notes due 2008 (the "Senior Notes"), which have
an outstanding principal amount of EUR 103.7 million. Holders of
the Senior Notes will receive a redemption price of 106% of the
principal amount of the Senior Notes plus accrued and unpaid
interest on the Senior Notes on the redemption date, which will be
June 15, 2005. The Company also announced that it today deposited
with the trustee for the Senior Notes cash sufficient to fund the
redemption and that it has thereby defeased the covenants contained
in the indenture for the Senior Notes until the time of their
redemption on June 15, 2005. The Company funded the defeasance and
redemption of the Senior Notes with funds drawn under the Facility.
The Company also utilized the remaining amounts under the Facility
and a portion of its cash reserves to fully repay EUR 210 million
and other amounts due under the EUR 300 million Bridge Facility
with ABN AMRO N.V. that was utilized to fund in part the Company's
EUR 269.6 million acquisition of Nordic premium pay television
provider C More Group AB on March 8, 2005. The Facility is a fully
revolving facility with a term of five years, although the Company
has the right during the first twelve months to request a one-year
extension. Amounts borrowed under the Facility will bear interest
at a rate of EURIBOR plus a margin based on the Company's senior
net debt leverage ratio. The initial margin will be 0.75%. To
provide security, the Company and certain of its subsidiaries have
pledged shares of certain wholly owned group companies in Belgium,
The Netherlands, Norway, Sweden and the United Kingdom. Certain
wholly owned subsidiaries in these jurisdictions also have
guaranteed the Facility. SBS is a European commercial television
and radio broadcasting company with operations in Western and
Central Europe. Countries where SBS currently has broadcasting
assets include: Belgium (Flanders), Denmark, Finland, Greece,
Hungary, The Netherlands, Norway, Romania and Sweden. For further
information visit: http://www.sbsbroadcasting.com/ DATASOURCE: SBS
Broadcasting S.A. CONTACT: Juergen von Schwerin, Chief Financial
Officer of SBS Broadcasting S.A., +31-20-519-1919
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