Entravision's $385 million seven-year secured notes seen pricing Thursday, talked at 9%-9¼% yield

By Paul Deckelman

New York, July 21 - Entravision Communications Corp. is expected to price its $385 million offering of seven-year first-lien senior secured notes on Thursday morning, high-yield syndicate sources said on Wednesday.

Official price talk on the offering calls for a yield of between 9% and 9¼%, the sources said.

The books on the deal were scheduled to close at the end of business on Wednesday, the sources added.

The bonds will be non-callable for the first three years after issue, although up to 10% of the issue may be called annually at a price of 103 during that non-call period.

Citigroup, Wells Fargo Securities and UBS Investment Bank are the joint bookrunners on the Rule 144A and Regulation S deal, which is being sold with registration rights. Moelis Capital Partners is the co-manager.

Entravision, a Santa Monica, Calif.-based Spanish-language media company that owns radio and television stations in many large markets, announced on Monday that it would do the bond deal and enter into a new revolving credit facility for up to $50 million.

The company said that the new notes and the credit facility would be secured on a first-priority basis by the assets of Entravision and its guarantors - all of its existing and future wholly owned domestic subsidiaries - subject to certain exceptions, certain permitted liens and the provisions of an intercreditor agreement relating to distributions of proceeds.

The net proceeds from the offering will be used to fully repay outstanding debt under its existing syndicated bank credit facility, as well as for general corporate purposes.

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