German Media Partners Launches Syndication of EUR 1.25 Billion Senior Secured Facility
7 June 2006
MUNICH – June 7, 2006 – German Media Partners L.P. today announced that it has launched the syndication of a EUR 1.25 billion senior secured facility. The facility will be secured by German Media Partners’ holdings in ProSiebenSat.1 Media AG.
Commenting on the facility, German Media Partners said, “We are very pleased with ProSiebenSat.1’s strong financial performance and remain confident in its operations under the leadership of the current management team.”
German Media Partners L.P. holds a 50.5% economic interest in ProSiebenSat.1 and controls 88% of the voting interests in Germany’s leading commercial broadcaster. Net proceeds from the facility will be distributed to the partners of German Media Partners.
Closing of the syndication is expected in June 2006. Joint bookrunners are JPMorgan and Deutsche Bank, and Lehman Brothers as mandated lead arranger.
About German Media Partners L.P.
German Media Partners L.P. is comprised of Saban Capital Group Funds, Bain Funds, Hellman & Friedman Funds, Providence Funds, Thomas H. Lee Partners Funds, Putnam Funds, Quadrangle Funds and Alpine Funds. German Media Partners indirectly owns 50.5% of the share capital and 88% of the voting rights of ProSiebenSat.1 Media AG. Of this, German Media Partners owns 13% of the preference shares and 13% of the common voting shares of ProSiebenSat.1 Media AG through a joint venture with a third party.