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TVN to acquire remaining ‘n’ stake

Polish broadcaster TVN has announced plans to issue €588m in bonds to refinance existing debt and buy the rest of its pay-TV platform it does not already own.

TVN will transfer €188m of the bonds to controlling shareholder ITI Group for the 49% of DTH platform ‘n’ it does not currently own. The remaining €400m high-yield bonds will have a maturity of between seven and ten years.

The ‘n’ platform currently runs at a loss and is expected to break even in 2011.