TVN investors eye quick return
Bondholders in Polish media company TVN are licking their lips at the prospect of a forthcoming IPO. Such an outcome could lead to a call on the firm’s existing debt, and healthy returns for investors
Investors are hoping to make a 10% gain in six months on the high-yield bonds of Polish TV company TVN, through a call option on the company’s $235 million of debt. The company, which controls one of Poland’s two main commercial TV channels, issued the debt in December 2003, with a call option which allows it to call up to 35% of the debt in the event of an IPO.
An IPO is looking increasingly likely in the coming months, and investors are licking their lips at the prospect of a healthy and rapid
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