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Latest Satellite News Discussion, Update News Corp backs 525m Premiere debt restructure at General Satellite News forum; News Corp backs 525m Premiere debt restructure News Corp is to guarantee two rights issues as part of a 525 ...

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Update News Corp backs 525m Premiere debt restructure
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Update News Corp backs 525m Premiere debt restructure - 23-December-2008, 14:10

News Corp backs 525m Premiere debt restructure




News Corp is to guarantee two rights issues as part of a 525 million debt restructure of the German pay-TV platform Premiere.

Existing debt agreements will be replaced by two long-term facilities of 525 million, conditional on News Corps guarantee of 450m, spread between the two rights issues. The combination of net losses and a negative cash flow had required Premiere to seek a waiver from its lenders.

News Corp will also have to seek a waiver from market regulator BaFin in the event that its shareholding in the company goes above 30%. It will also need approval from Premieres other shareholders to increase the capital of the Munich-based company.

While Premiere is expecting a negative cash flow through 2009 it is looking to break even during 2010. CEO Mark Williams said this could be achieved with a subscriber base of between 3 million and 3.4 million.

Subscription levels were currently stable with new interest compensating for a higher than recent churn. At the end of Q3 2008, Premiere had 2.411m subscribers.

The extra cash will be used to develop its programming offer.
   
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