BERTRANGE, Luxembourg, Feb. 10, 2003 (PRIMEZONE) -- Metro International S.A. ("Metro") (Nasdaq:MTROA) (Nasdaq:MTROB), the international newspaper group, today announced that both Industriforvaltnings AB Kinnevik and Modern Times Group MTG AB have agreed to amend the loan repayment terms of existing loans to Metro.
Kinnevik has agreed not to call in the loan to Metro of SEK 442 million during 2003. The loan has no fixed term and bears interest at STIBOR plus three per cent per annum.
MTG has deferred repayment of its existing loan to Metro of US23.5 million by twelve months until August 15, 2004. This loan bears interest at an annual rate of LIBOR plus two per cent and had been due for repayment on August 15, 2003. MTG has also extended the period of conversion of the US$22.1 million of Metro International convertible debentures by twelve months until May 23, 2004. These convertible debenture notes bear interest at six per cent per annum and were due for conversion by May 23, 2003 at a strike price of U.S. $1.42 per share.
Metro's financial results for the fourth quarter and twelve months ended December 31, 2002 will be released tomorrow, Tuesday, February 11, 2003.
For further information, please visit www.metro.lu, email info@metro.lu or contact: Pelle Tornberg, President & CEO tel: +44 (0) 20 7016 1300 Matthew Hooper, Investor & Press Relations tel: +44 (0) 20 7321 5010
Metro is the world's largest free newspaper, publishing and distributing 25 editions in 16 countries in 14 languages: Stockholm, Prague, Gothenburg, Hungary, the Netherlands, Helsinki, Malmo, Santiago, Philadelphia, Toronto, Rome, Milan, Warsaw, Athens, Montreal, Barcelona, Boston, Madrid, Copenhagen, Aarhus, Paris, Marseille, Lyon, Hong Kong and Seoul.
Metro International S.A. "A" and "B" shares are listed on NASDAQ and the Stockholmsborsen under the symbols MTROA and MTROB.
This press release contains certain "forward-looking statements" with respect to our expectations and plans, strategy, management's objectives, future performance, costs, revenues, earnings and other trend information. It is important to note that our actual results in the future could differ materially from those anticipated in forward- looking statements depending on various important factors. Please refer to the documents we have filed with the U.S. Securities and Exchange Commission under the U.S. Securities Exchange Act of 1934, as amended, including our most recent annual report on Form 20-F, for a discussion of certain of these factors.
All forward-looking statements in this press release are based on information available to us on the date hereof. All written or oral forward-looking statements attributable to Metro International S.A, any Metro International S.A. members or persons acting on our behalf are expressly qualified in their entirety by the factors referred to above. We do not intend to update these forward-looking statements.
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