Entravision extends tender for 8 1/8% notes due 2009

New York, Sept. 21 - Entravision Communications Corp. said it has extended its tender offer for its $225 million principal amount of 8 1/8% senior subordinated notes due 2009.

The expiration is now 9 a.m. ET on Sept. 29, pushed back from 5 p.m. ET on Sept. 21.

Entravision also announced new pricing, assuming a settlement date of Sept. 29 instead of the previous Sept. 26.

Holders who tendered by the consent deadline - which is all of them - will now receive $1,057.61 per $1,000 principal amount instead of the previously announced $1,057.92 per $1,000 principal amount.

Entravision announced pricing on Sept. 7. Before that, on Aug. 23, it said holders had tendered all the notes. The right to withdraw expired on Aug. 22.

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

As previously announced, for those who tendered before the consent deadline, the company will pay 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 will also pay accrued interest up to but not including the payment date.

The consents are being solicited to eliminate all restrictive covenants, affirmative covenants and events of default in the notes' indenture.

A valid tender is considered a consent.

The offer is 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.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.