Van Campen Liem has advised the TVN S.A. Group with the issue of senior notes in the amount of EUR 430mio and the ITI Group with the issue of senior PIK toggle notes in the amount of EUR 300mio

Full Press Release: ITI Holdings Press Release

Full Press Release: TVN Group Press Release

Van Campen Liem has assisted the TVN S.A. Group with the issue of Senior Notes by TVN Finance Corporation III AB in the aggregate principal amount of EUR 430 million due in 2020. The notes are sold at a purchase price equal to 100%, pay interest semi-annually at a rate of 7.375% per year beginning December 15, 2013 and will mature on December 15, 2020. The notes are senior obligations of the TVN Group and are ranked equally in right of payment with its existing and future unsecured senior debt.

TVN S.A. Group is the leading privately owned media group in Poland currently owning 11 television channels, as well as a shopping channel, a leading internet portal, and a digital platform. TVN Group operates in three major business segments: television broadcasting and production, digital satellite pay television, and online.

Subsequently, the team of Van Campen Liem has assisted the ITI Group, Poland’s leading media and entertainment group, with the issue of Senior PIK Toggle Notes by Polish Television Holding B.V. (“PTH”) in the aggregate principal amount of EUR 300 million due 2021. The notes are sold at a purchase price equal to 100%, pay cash interest at a rate of 11% per year or PIK Interest at a rate of 12% per year, semi-annually, with the first interest payment being made on January 15, 2014. The notes will mature on January 15, 2021.

PTH holds a controlling interest of 52.42% in TVN S.A. The parent company of PTH is N-Vision B.V. that in turn is controlled by the ITI Group with a holding of 60%, with Groupe Canal+ holding the remaining 40%.

The Van Campen Liem team included Edwin Liem, Cees Kersten and Cherish Djabarkhan.