Univision launches tender, solicitation for 7.85% secured notes

By Jennifer Chiou

New York, June 11 - Univision Communications Inc. announced the start of a tender offer for up to $500 million of its outstanding 7.85% senior secured notes due 2011.

The company is also soliciting consents to certain proposed amendments to the indenture governing the notes. Specifically, the proposed amendments will allow the company to eliminate the liens covenant in the indenture at its option and to release the collateral relating to the notes.

The proposed amendments will also eliminate the reporting and certain other covenants and will waive the applicability of the liens covenant in the indenture as to new financing, Univision said in a new release.

The offer ends at midnight ET on July 8 while the consent deadline is 5 p.m. ET on June 23.

The company said it will pay par for the notes, including a consent payment of $30.00 for those who tender by the early deadline. Univision will also pay accrued interest to the settlement date.

The company is seeking consents and tenders from holders of at least 75% of the outstanding principal amount of notes.

The dealer managers and solicitation agents are Deutsche Bank Securities LLC (call collect 212 250-5655) and Banc of America Securities, LLC (888 292-0070 or call collect 646 855-3401). The information agent is MacKenzie Partners, Inc. (800 322-2885 or call collect 212 929-5500).

Univision is a Los Angeles-based Spanish-language media company.

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