CTC Media agrees syndicated loan
Mon. June 30, 2008; Posted: 05:31 AM
Moscow, Jun 30, 2008 (RosBusinessConsulting via COMTEX) --
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PowerRating -- CTC Media has signed a deal for the syndication of a $135m loan, the Russian media company said in a statement today. The syndication was unveiled on May 27 and completed on June 25, according to the schedule which had been agreed upon earlier. The loan, providing for the possibility of partial redemption, is to be repaid no later than within two years. The interest rate has been set at 300 basis points above LIBOR. ABN AMRO Bank N.V., BNP Paribas, ING Bank N.V., Raiffeisen Zentralbank Osterreich Aktiengesellschaft, and ZAO Raiffeisenbank arranged the loan.
CTC Media intends to use the funds raised to repay its debt to Modern Times Group MTG A.B., which resulted from the acquisition of DTV Group in April, as well as for other corporate initiatives.
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