Entravision buys all $225 million 8 1/8% notes in tender

New York, Sept. 30 - Entravision Communications Corp. said it completed its tender offer for its $225 million principal amount of 8 1/8% senior subordinated notes due 2009, buying all of the securities.

The tender expired at 9 a.m. ET on Sept. 29 after being extended from 5 p.m. ET on Sept. 21.

Holders who tendered by the consent deadline - which is all of them - received $1,057.61 per $1,000 principal amount.

Entravision announced the tender offer and consent solicitation on Aug. 10.

For those who tendered before the consent deadline, the tender price was based on the present value of $1,040.63 - the redemption price on the notes' first call date - plus all future interest payments up to March 15, 2006, discounted using a yield to March 31, 2006 equal to the sum of the yield on the 1½% Treasury due March 31, 2006 and 50 basis points.

Entravision also paid accrued interest up to but excluding the payment date.

Entravision was also soliciting consents to eliminate all restrictive covenants, affirmative covenants and events of default in the notes' indenture.

A valid tender is considered a consent.

The offer was conditioned upon Entravision completing a new financing arrangement, the availability of sufficient funds to purchase the notes and a majority of the notes being tendered. Entravision closed on a new $650 million senior secured bank credit facility consisting of a 7½ year $500 million term loan and a $150 million 6½ year revolving credit facility.

Goldman, Sachs & Co. (800 828-3182 or call collect 212 357-7867) and Citigroup Global Markets Inc. (800 558-3745 or call collect 212 723-6106) are joint dealer managers and solicitation agents.

Bondholder Communications Group is the information and tender agent (212 809-2663).

Based in Santa Monica, Calif., Entravision is a diversified Spanish-language media company.

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