CP has agreements with banks to buy Polsat
2011-04-01 10:31:42 / Paulina Nietrzpiel
Last updated: 2011-04-01 11:39:37
Source: tvpolsat.info / CP
Cyfrowy Polsat has concluded agreements with a consortium of banks that the company will provide debt financing for the purchase of shares Telewizja Polsat amounting to 3 billion zł . Debt financing will be used in transactions simultaneously with the issuance of warrants with a value of 1.15 billion zł convertible into shares. According to the investment agreement dated November 15, 2010, Cyfrowy Polsat buys 100% stake in Polsat TV for 3.75 billion zł .
Based on the company signed a credit agreement, a consortium of Polish and foreign banks led by Citibank, NA, London Branch, Bank Handlowy w Warszawie SA, Crédit Agricole CIB, The Royal Bank of Scotland plc as well as banks that include: Crédit Agricole Corporate and Investment Bank SA branch in Poland, The Royal Bank of Scotland Group NV, RBS Bank (Poland) SA, BRE Bank SA, Universal Savings Bank SA, Polish, Polish Bank Pekao SA, Bank Zachodni WBK SA, Bank Millennium SA, ING Bank Slaski SA, HSBC Bank plc, Bank of Food Economy SA, Nordea Bank Poland SA, Raiffeisen Bank International AG, Bank DnB NORD Poland SA, DnB NOR Bank ASA, Alior Bank SA, Citibank International plc, which acts as an agent of the Credit and Citicorp Trustee Company Limited , which acts as the Security Agent, give Cyfrowy Polsat term loan to a maximum amount of EUR 1.4 billion zł and revolving credit to a maximum amount of EUR 200 million zł.
- After several months of negotiations, signed a credit agreement on terms satisfactory to us. Coming soon will finalize a transaction by which Polsat Cyfrowy Polsat Television, together with form the largest media group in Poland - said Dominik Libicki, President, Cyfrowy Polsat SA
Term loan and revolving credit bear interest at a variable interest rate which is the sum of: WIBOR for the respective periods of interest and used margin. Margins term loan and revolving credit are dependent on the level indicator consolidated net debt / consolidated EBITDA. The index level is lower, the margin used will also be lower. Term loan will be repaid in quarterly installments of varying heights, from 30 June 2011, and the final repayment date is 31 December 2015 The final repayment date is a total revolving credit also 31 December 2015
In addition, the company has with leading banks, Citibank International plc, which acts as an agent of the Credit and Citicorp Trustee Company Limited, which acts as the Security Agent bridging loan agreement which provides for the granting of a bridging loan to a maximum amount equivalent to the amount of 1.4 billion euros zł .
Bridging loan bears interest at a variable interest rate which is the sum of: EURIBOR for the relevant interest periods and used the margin, increasing with the duration of the use of credit. Bridging loan to be repaid within 12 months from the date of the contract.
Signing of loan agreements is to fulfill one of the conditions specified in the investment agreement dated 15 November 2010. In accordance with the provisions thereof in addition to the use of debt financing, the company will issue warrants with a value of 1.15 billion zł convertible into shares to existing shareholders Telewizja Polsat. 17 December 2010 Extraordinary General Meeting of Cyfrowy Polsat SA has agreed to a conditional capital increase and issuance of 80,027,836 warrants convertible into shares of series H