CTC Media, Inc. Signs US$135 Million Term Loan Facility
30 Jun 2008
Moscow – June 30, 2008 – CTC Media, Inc. (NASDAQ: CTCM), Russia's leading independent media company, announced the signing of a US$135 million amortizable syndicated term loan facility arranged by ABN AMRO Bank N.V., BNP Paribas, ING Bank N.V., Raiffeisen Zentralbank Österreich Aktiengesellschaft and ZAO Raiffeisenbank.
The syndication was launched on May 27, 2008 and closed on June 25, 2008. The term loan facility was signed on June 27, 2008, in line with the original transaction calendar. The facility has a 2-year final maturity and an annual interest rate of LIBOR+300 basis points. Proceeds will be used to repay outstanding debt to Modern Times Group MTG AB incurred in connection with the acquisition of DTV Group in April 2008, as well as for general corporate purposes.
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