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Mid Europa announces recapitalization of Aster

12 September 2007

Mid Europa Partners announced that it successfully completed the recapitalization of its portfolio company, Aster, a leading Polish cable broadband operator.

In the financing Aster raised €415 million through a combination of Senior, Mezzanine and Pay-in-Kind facilities from both new and existing lenders. The financing represents the largest-ever recapitalization in Poland and features the largest-ever local currency-denominated Senior Credit Facility in a leveraged financing in Central and Eastern Europe.

Matthew Strassberg, responsible for the Aster investment at Mid Europa commented: "We are very pleased with Aster's strong operating performance and rapid deleveraging since our March 2006 investment. The support shown by the participating lenders to this transaction despite challenging credit market conditions validates the leadership provided by Aster's management team, which holds a substantial investment in the business."

Robert Kolodziej, Aster CFO noted: "The new financing optimizes our capital structure, significantly reduces our average cost of debt, improves key terms resulting in greater operating and strategic flexibility and funds a substantial distribution to the shareholders."

 Michelle Capiod who negotiated and executed the financing for Mid Europa added: "We would like to thank the institutions returning to the senior and mezzanine lending syndicates as well as the new lenders who joined the refinancing for their constructive and relationship-driven approach which enabled Aster to achieve attractive transaction terms."

Credit Suisse underwrote the financing and coordinated the amendment process. Kirkland & Ellis and White & Case acted for Aster. Clifford Chance acted for the lenders.

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