TVN to place bond to finance ‘n’ consolidation

Polish commercial broadcast group TVN has announced plans for a €405m bond issue due in 2017, in part to finance the consolidation of pay-TV division ‘n’.

The company will use the proceeds to repay €215m in existing bonds due in 2013, pay off a credit line and boost liquidity. TVN will issue a second tranche worth €188m to pay its main shareholder ITI Group for the 49% stake in ‘n’ that TVN does not already own.