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Thread: Cyfrowy Polsat signed an agreement with banks

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    Cyfrowy Polsat signed an agreement with banks

    Cyfrowy Polsat signed an agreement with banks

    2010-12-22 3:22:29 p.m. / Janusz Sulisz
    Last updated: 2010-12-22 3:40:50 p.m.
    Source: cyfrowypolsat.pl
    Cyfrowy Polsat has signed an agreement (the "term sheet") with a consortium of banks, which will organize, handrail, and the Company will provide debt financing for the implementation of the acquisition of 100% stake in Polsat TV , which will be used along with the issue of warrants convertible into shares with a value of 1.15 billion zł .



    According to the agreement a consortium of banks, which includes Citibank , NA , London Branch / Bank Handlowy w Warszawie SA , Crédit Agricole CIB and The Royal Bank of Scotland plc , has committed to provide long-term loan of up to 1.4 billion zł, credit bridging of the same value and 200 million revolving credit zł. The final amount and terms of financing will be specified in the credit agreement or credit agreement, which is scheduled to conclude March 2011

    - Today's agreement brings us closer to the banks for the acquisition of Polsat TV. The negotiated terms and conditions are satisfactory for us and I hope that talks will finish in the first quarter of 2011 - says Tomasz Szelag, CFO Cyfrowy Polsat. - In accordance with the approved schedule, should join Polsat Cyfrowy Polsat Group no later than March - he adds.

    Besides the use of debt financing, the company will issue warrants convertible into shares to existing shareholders Telewizja Polsat, which will have a total value of 1.15 billion zł . December 17 this year. Extraordinary General Meeting of Cyfrowy Polsat SA has agreed to a conditional capital increase and issue of 80,027,836 warrants convertible into shares of series H
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