Univision revises $2 billion extended term loan B OID to 97.5

By Sara Rosenberg

New York, June 15 – Univision Communications Inc. widened the original issue discount/extension fee on its $2 billion amended and extended first-lien term loan B (B2/B) due March 2026 to 97.5 from talk in the range of 98 to 98.5, according to a market source.

Pricing on the extended term loan remained at Libor plus 375 basis points with a 1% Libor floor, and the debt still has 101 soft call protection for one year.

Amortization on the extended term loan is 1% per annum. The existing term loan has amortization of 1% per annum, however, historical voluntary prepayments have satisfied future amortization payments.

Included in the extended term loan is an excess cash flow sweep of 50% with step downs to 25% and 0% at 5.5x and 4.5x leverage, respectively. By comparison, the existing term loan sweep step-downs occur at 6x and 5x leverage.

Goldman Sachs Bank USA, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Morgan Stanley Senior Funding Inc., BofA Securities, Inc., Barclays, Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC are the leads on the deal.

Proceeds will be used to extend the maturity date of the existing term loan by two years from 2024. Current pricing on the existing term loan is Libor plus 275 bps.

Univision is a New York-based Spanish language TV and radio broadcaster.

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