TV3 Russia III

completed

TV3 Russia (TV3 or the company) is a free-to-air television broadcasting group in Russia, and an existing client of IFC. TV3 focuses on broadcasting entertainment-related content to a potential audience of 54 million viewers (37% of the Russian population) through a group of 57 terrestrial affiliate stations, 20 of which are 100% subsidiaries of the company. The company’s activities are consolidated in a sole purpose holding company, called Independent Network Television Holding Limited (“INTH”), incorporated in Cyprus.TV3 has implemented a growth strategy over the last few years involving both organic growth and the acquisition of select television stations as the company has expanded its broadcasting network across Russia. To continue its growth path and take advantage of the expected high growth rates of the advertising market in Russia, the company intends to raise new debt of about $40 million to: - refinance its existing long-term debt; - further improve programming; and - further fund the Group’s acquisition program.