Poland's TVN Group completes bond issue

Company aims to reduce borrowing costs

MOSCOW -- TVN Group, Poland's largest independent broadcaster, has completed a 500 million zlotych ($233.9 million) bond issue, billed as the largest bond issue in the Polish market to date this year.

The issue comes as the first tranche of TVN Group's 1 billion zlotych ($468 million) bond program, which is scheduled to mature in 2013.

TVN CEO Karen Burgess said that the bond issue is a cornerstone in the company's strategy "to reduce TVN's borrowing cost and eliminate foreign exchange exposure by repaying early, partially or in full, our 235 million euro ($370.2 million) 2003-2013 Eurobond."

Bank Pekao acted as arranger of the bond offering, with Bank Handlowy w Warscawie and BRE Bank serving as co-arrangers.

TVN Group owns and operates 13 television channels, including its main free-to-air channel TVN, TVN Siedem, TVN24 and TVN CNBC Biznes along with several Internet projects.