Univision tenders, seeks consents for $545 million 12% notes due 2014

By Susanna Moon

Chicago, April 25 - Univision Communications Inc. said it began a tender offer and consent solicitation for its $545 million of outstanding 12% senior secured notes due 2014.

The total payment will be $1,076.45 for each $1,000 principal amount of notes tendered by 5 p.m. ET on May 6, the early tender date. This amount includes a consent payment of $10.00 per $1,000 principal amount.

Univision also will pay accrued interest up to but excluding the settlement date.

The offer will end at midnight ET on May 20.

The company is soliciting consents to amend the notes to eliminate substantially all of the restrictive covenants and release all of the collateral securing the notes.

Holders who tender their notes must consent to the proposed amendments, and holders may not deliver consents without tendering their notes.

The tender offer and consent solicitation are contingent upon the tender of at least two-thirds of the outstanding notes and the completion of one or more debt financings sufficient to fund the purchase of the offers.

Deutsche Bank Securities Inc. (855 287-1922 or collect 212 250-7527) and Merrill Lynch (888 292-0070 or collect 646 855-3401) are the dealer managers and solicitation agents.

Univision is a Los Angeles-based Spanish-language media company.

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