Premiere to raise 412 mln euros from 2nd cap hike

FRANKFURT, April 5 (Reuters) - German pay TV broadcaster Premiere PREGn.DE expects to raise gross proceeds of about 411.6 million euros ($549.3 million) by issuing nearly 367.5 million new shares, the company said late on Sunday.

Premiere will offer to investors three new shares entitled to full dividend rights for the current year at a price of 1.12 euros each for every one already owned.

"The price constitutes a 49.8 percent discount to the closing price and a 19.9 percent discount to the theoretical ex-rights price, respectively, of the Premiere share on XETRA on the Frankfurt Stock Exchange on April 3, 2009," it said.

In order to ensure that the offering raises the proceeds planned, major stockholder News Corp (NWSA.O) agreed to exercise its subscription rights and acquire new shares that have not been subscribed.

"The capital increase forms an integral part of Premiere's financing structure, which Premiere, its bank syndicate and News Corporation agreed on Dec. 22, 2008," it explained.

The subscription period is expected to begin on April 8 and end on April 17, with the first day of trading on April 24.

In January, Premiere issued new shares at 3.76 euros apiece, setting the terms of the first of two planned capital increases to overhaul its finances. [ID:nL8121073] ($1=.7493 Euro) (Reporting by Christiaan Hetzner, editing by Martin Golan)