Published on 1/18/2024 in the Prospect News High Yield Daily.
New Issue: Univision sells $240.7 million tap of 8% secured notes due 2028 at 101 to yield 7.733%
By Paul A. Harris
Portland, Ore., Jan. 18 – Univision Communications Inc. priced a $240.7 million add-on to its 8% senior secured notes due Aug. 15, 2028 (B1/B+) at 101 in a Thursday drive-by, according to market sources.
The notes broke into the secondary at 101˝ bid, 102 offered, a trader said.
The transaction rendered a 7.733% yield to maturity.
The issue price came in the middle of price talk in the 101 area. Initial price guidance was 100.75 to 101, a trader said.
Bookrunners were Morgan Stanley & Co. LLC, Barclays, BMO Capital Markets Corp., BofA Securities Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Truist Securities Inc., UBS Securities LLC and Wells Fargo Securities LLC.
The New York City-based Spanish-language television network plans to use the proceeds plus cash on hand to redeem all of its remaining $240.7 million 5 1/8% senior secured notes.
| Issuer: | Univision Communications Inc.
|
| Amount: | $240.7 million
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| Issue: | Add-on to senior secured notes
|
| Maturity: | Aug. 15, 2028
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| Bookrunners: | Morgan Stanley & Co. LLC, Barclays, BMO Capital Markets Corp., BofA Securities Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Truist Securities Inc., UBS Securities LLC and Wells Fargo Securities LLC
|
| Coupon: | 8%
|
| Price: | 101
|
| Yield to maturity: | 7.733%
|
| Spread: | 368 bps
|
| First call: | Aug. 15, 2025 at 104
|
| Trade date: | Jan. 18
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| Settlement date: | Jan. 22
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| Ratings: | Moody’s: B1
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| S&P: B+
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | 101 area
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| Marketing: | Drive-by
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| Original issue: | $500 million priced in July 2023
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| Previous add-on: | $700 million priced in December 2023
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| Fungibility: | Rule 144A add-on notes will immediately become fungible with existing notes, Regulation S add-on notes will become fungible with existing notes following a 40-day cooling period
|
| Total issue size: | $1,440,700,000
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