Grupo Televisa receives tenders of 76% of medium-term notes

By Caroline Salls

Pittsburgh, March 29 - Grupo Televisa SA said it received tenders of 2.935 million Unidades de inversion (UDI) or 76% of its 3.839 million UDIs medium-term notes due 2007 by the time its offer to buy them expired at 1 p.m. ET on March 23.

Grupo Televisa announced on March 22 that it received tenders of $222 million or 74% of its $300 million 8% notes due 2011 by the time the offer to buy them expired at 5 p.m. ET on March 21.

The tenders for both notes will be funded using proceeds from the company's offering of $400 million of 6 5/8% senior notes due 2025.

For each $1,000 principal amount of the 8% notes due 2011, the purchase price was set using a spread of 60 basis points over the bid-side yield to maturity of the 4% U.S. Treasury note due March 15, 2010.

Televisa will also pay accrued interest up to but excluding the date of purchase and, under some circumstances, additional amounts for Mexican withholding taxes.

Based on the reference security price at 10 a.m. ET on March 14, the purchase price would be $1,174.96.

For the medium-term notes, the company will pay 107.7501 UDIs excluding accrued interest or 111.2591 UDIs with accrued interest. The price with accrued interest in Mexican pesos is Ps. 394.7269. The face value of the notes is 100 UDIs each.

Grupo Televisa said it would buy back up to 10,860,078 of the notes, which were issued on April 14, 2000.

Credit Suisse First Boston LLC (800 820-1653) and Citigroup Global Markets Inc. are the dealer managers, D.F. King & Co., Inc. (800 269-6427) is the information agent and Dexia Banque Internationale a Luxembourg (+352 4590-1) is Luxembourg tender agent.

Televisa is a Mexico City-based media company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.