CETV announced today that it plans to make a private placement of fixed rate senior notes in the aggregate principal amount of EUR 50.0 mln. (circa USD 62.8 mln.). The notes will have the same terms and be of the same series as the 11.625% senior notes due 2016 that the company issued and sold in September 2009. The Company expects to use the net proceeds of the offering to repay its 3.50% senior convertible notes due 2013 in full at maturity, as well as to optionally redeem a portion of its outstanding senior floating rate notes due 2014. Our view: If successfully completed this could be slightly positive. This transaction would effectively improve CETV’s maturity profile at the expense of additional financial costs (we estimate them at 6.0 mln. USD per year assuming current yield on 2016 notes). At the same time the transaction would further reduce the risk of public equity offering to repay maturing bonds in coming months.