Major Polish media company TVN plans to issue senior notes payable in 2020. The value of the issue will be €450-500 million. The proceeds are to be used to redeem all of TVN's existing senior notes due in 2017.

The issue price of the senior notes will be set in a book-building process. The offer will be directed to a selected group of investors.

The company’s supervisory board has agreed to secure the obligations arising from the new notes in form of guarantees issued by its two subsidiaries: TVN Media Sp. z o.o. and TVN Online Investments Holding B.V.

In another statement, TVN said that its management would recommend a dividend payout of zł.0.72 or zł.0.59 per share, depending on the debt-refinancing process. The company also said that after this year it would not pay out a dividend until 2015.

Poland A.M.