By Paul A. Harris
Portland, Ore., April 21 – Univision Communications Inc. priced a $370 million issue of 9½% five-year senior secured notes (B2/B) at 99.026 to yield 9¾% in a Tuesday drive-by, according to market sources.
The yield came at the tight end of the 9¾% to 10% yield talk, which also factored in an original issue discount. Initial talk was in the low 10% area, including a discount.
Joint physical bookrunners were Deutsche Bank Securities Inc. (bill and deliver) and J.P. Morgan Securities LLC. Additional bookrunners were BofA Securities Inc., Barclays, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC.
Proceeds will be used to repay debt.
Univision Communications is a New York-based media company serving the Hispanic market.
| Issuer: | Univision Communications Inc.
|
| Amount: | $370 million
|
| Tenor: | Five years
|
| Securities: | Senior secured notes
|
| Joint physical bookrunners: | Deutsche Bank Securities Inc. (bill and deliver) and J.P. Morgan Securities LLC
|
| Bookrunners: | BofA Securities Inc., Barclays, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC
|
| Coupon: | 9½%
|
| Price: | 99.026
|
| Yield to maturity: | 9¾%
|
| Call protection: | Two years
|
| Trade date: | April 21
|
| Settlement date: | April 28
|
| Ratings: | Moody's: B2
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 9¾% to 10% including discount
|
| Marketing: | Drive-by
|
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