Grupo Televisa starts two tender offers for five series of notes

Chicago, July 27 – Grupo Televisa, SAB started two tender offers on Thursday, an any-and-all tender offer for one series of notes and a waterfall tender offer covering four series of notes, according to a press release.

The company is offering to purchase up to $300 million principal amount of notes across both offers.

First, the participation under the any-and-all offer will be calculated. That amount will be deducted from $300 million to calculate the cap on the any-and-all offer.

Any and all

The any-and-all offer related to the $300 million outstanding 4 5/8% notes due 2026 (Cusip: 40049JBB2).

The company is offering a tender consideration that will be based on the 4½% U.S. Treasury due July 15, 2026 and a fixed spread of 86 basis points and a par call date of Oct. 30, 2025.

There is only one deadline for the tender offer, 5 p.m. ET on Aug. 2. The expiration date is also the withdrawal date. There are guaranteed delivery procedures, and tenders through that method are due by 5 p.m. ET on Aug. 4.

Pricing will take place at 11 a.m. ET on Aug. 2.

Settlement is expected to be Aug. 7.

Waterfall offer

Under the waterfall offer, Televisa is offering to purchase notes from the four series listed below in acceptance priority order with considerations that will be based on the following factors:

• $889.4 million outstanding 5% notes due 2045 (Cusip: 40049JBA4) with a consideration based on the 3 7/8% U.S. Treasury due May 15, 2043 and a 179 bps fixed spread and a par call date of Nov. 13, 2044;

• $702.2 million outstanding 5¼% notes due 2049 (Cusip: 40049JBE6) with a consideration based on the 3 5/8% U.S. Treasury due Feb. 15, 2053 and a 184 bps fixed spread and a par call date of Nov. 24, 2028;

• $266.4 million outstanding 6 5/8% notes due 2025 (Cusip: 40049JAV9) with a consideration based on the 4¾% U.S. Treasury due July 31, 2025 and an 85 bps fixed spread; and

• $900 million outstanding 6 1/8% notes due 2046 (Cusip: 40049JBC0) with a consideration based on the 3 7/8% U.S. Treasury due May 15, 2043 and a 196 bps fixed spread and a par call date of July 31, 2045.

The considerations in the waterfall offer, when calculated, will contain a $30 early tender premium that will be deducted for tenders received after the early deadline.

The waterfall tender offer has an early deadline of 5 p.m. ET on Aug. 8.

Pricing will take place at 11 a.m. ET on Aug. 9.

The offer will expire at 5 p.m. ET on Aug. 23.

Early settlement is expected for Aug. 10, and final settlement is expected to take place on Aug. 25.

Details

For the considerations, accrued interest will also be paid. Additional interest will be paid to participants in the offers to cover Mexican withholding taxes on interest payments.

Tenders may be prorated in the waterfall offer.

HSBC Securities (USA) Inc. (888 HSBC-4LM, 212 525-5552, lmamericas@us.hsbc.com) and Santander US Capital Markets LLC (855 404-3636, 212 940-1442, Usdcmlm@santander.us) are the dealer managers.

D.F. King & Co., Inc. is the information and tender agent for the offer (800 967-5019, 212 269-5550, televisa@dfking.com).

The Mexico City-based telecommunications company owns and operates a cable company as well as a leading direct-to-home satellite pay television system in Mexico.

© 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.