| 31 December 2013 | 31 December 2012 | |
|---|---|---|
| Short-term liabilities | 98,659 | 97,256 |
| Long-term liabilities | 1,340,010 | 1,316,479 |
| Total | 1,438,669 | 1,413,735 |
Change in Senior Notes payable
| for the year ended | ||
|---|---|---|
| 31 December 2013 | 31 December 2012 | |
| Senior Notes payable as at 1 January | 1,413,735 | 1,522,577 |
| Unrealized foreign exchange (gains)/losses | 20,135 | (112,143) |
| Repayment of interest and commission | (104,258) | (105,625) |
| Interest accrued | 109,057 | 108,926 |
| Senior Notes payable as at 31 December | 1,438,669 | 1,413,735 |
Conclusion of an Indenture
On 20 May 2011 the Company, the Company’s subsidiary Cyfrowy Polsat Finance AB (the ‘Issuer’), the Bank of New York Mellon, London Branch, the Bank of New York Mellon Luxembourg S.A., and the Initial Guarantors (the Company, CPT, CPTM) entered into an indenture (the ‘Indenture’) for the issuance of senior notes due in 2018 with aggregate principal amount of EUR 350 million (not in thousands) (PLN 1,372,245) (the ‘Notes’).
The interest on the Senior Notes will accrue at the fixed rate of 7.125% per annum payable semiannually in arrears on 20 May and 20 November, commencing on 20 November 2011. The Senior Notes shall be redeemed on 20 May 2018 by way of a pecuniary payment equal to the face value of the Senior Notes.
At any date prior to 20 May 2014, the Issuer may on any one or more occasions redeem up to 35% of the aggregate principal amount of the Notes at a redemption price of 107.125% of the principal amount plus accrued and unpaid interest, if any, to the redemption date with the net cash proceeds of one or more equity offerings. At any date prior to 20 May 2014, the Issuer may at its own discretion redeem the Notes in whole or in part, at a redemption price equal to 100% of the principal amount of the Notes redeemed plus the applicable premium as at the redemption date and plus accrued and unpaid interest.
On or after May 20, 2014, the Issuer may redeem all or a part of the Notes at the redemption price (expressed as percentages of principal amount) set out below plus accrued and unpaid interest on the Notes redeemed to the applicable redemption date, if redeemed during the twelve-month period beginning on May 20 of the years indicated below, subject to the rights of holders of Notes on the relevant record date to receive interest on the relevant interest payment date: (i) in 2014 the redemption price is 105.344%, (ii) in 2015 the redemption price is 103.563%, (iii) in 2016 the redemption price is 101.781%, and (iv) thereafter the redemption price is 100.000%. Unless the Issuer defaults in the payment of the redemption price, interest will cease to accrue on the Notes (or portions thereof) called for redemption on the applicable redemption date.
