Univision plans to price $600 million notes in two parts on Tuesday

By Paul A. Harris

Portland, Ore., Feb. 10 – Univision Communications Inc. plans to price $600 million of secured notes (expected ratings B2/B+) in two tranches late Tuesday, trailing a mid-morning conference call with investors, according to an informed source.

The deal comes in the form of an add-on to the company’s existing 5 1/8% senior secured notes due May 2023. Univision priced $700 million of those notes at par in May 2013. They become callable in May 2018.

In addition Univision plans to price a tranche of new 10-year notes which come with five years of call protection.

Tranche sizes remain to be determined.

Deutsche Bank Securities Inc. is the left bookrunner for the Rule 144A for life offer. BofA Merrill Lynch, Barclays, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Natixis Securities and Mizuho are the joint bookrunners.

Both tranches feature 40% equity clawbacks and 101% poison puts.

The Los Angeles-based Spanish-language media company plans to use the proceeds to repay its 6 7/8% notes due 2019.

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