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CME back for a second bite after secondary markets rally

September 25, 2009 Euroweek
Central Eastern Media Enterprises (CME) priced a Eu240m increase to its recent Eu200m high yield bond issue on Wednesday. Some investors were surprised by the speed with which it returned to the market.

Bank of America Merrill Lynch, BNP Paribas and Deutsche Bank led the Eu240m increase to CME’s seven year non-call four year 11.625% senior secured notes at 102.75 on Wednesday evening. It came in much tighter than the 98.621 issue price of the original deal two weeks ago.

CME was encouraged by reaction to its first bond in the secondary market so tapped the market again. "The bonds traded 100bp tighter in a week, so they thought: ‘why not take advantage of that?’" said one of the bookrunners.
The add-on was increased from the Eu200m originally announced on Wednesday. "There was pretty strong demand, mainly from European high yield accounts," said one of the bookrunners. "It’s a good result to raise Eu440m in the space of two weeks."

The broadcaster will use the proceeds from the offering, which is expected to be rated B2/B, to redeem its outstanding 8.25% 2012 senior notes at a call price of 104.125%, as well as accrued interest. Some Eu182m of the 8.25% notes is outstanding. It will also use the funds for general purposes.

"I was a bit surprised that they would come back so quickly — they should have just done what they wanted to do the first time around," said a high yield bond investor in London. "However, it didn’t hugely damage the secondary, which could have been the case given that they’d literally just been out to the market and came back so quickly."

In April 2005 CME issued Eu370m bonds in two tranches, both due in May 2012, one with a 8.25% coupon, and one at 550bp over six-month Euribor.
  • Status
  • Country of risk
    Czech Republic
  • Redemption (put/call option)
    *** (***)
  • Amount
    440,000,000 EUR
  • М/S&P/F
    — / — / —