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Univision again tenders for 9¾%/10½% notes, this time for $1 billion
By Susanna Moon
Chicago, Dec. 23 - Univision Communications Inc. said it began a tender offer to purchase up to $1,005,000,000 principal amount, or 77.975%, of its $1,288,900,000 outstanding 9¾%/10½% senior notes due 2015.
Univision said it will pay $1,065 per $1,000 principal amount of notes tendered by 5 p.m. ET on Jan. 6, the early tender date, which includes the early tender payment of $30 per $1,000 of notes.
The company also will pay accrued interest up to but excluding the settlement date.
Holders who tender their notes after the early tender deadline but by the tender expiration at midnight ET on Jan. 21 will receive the tender offer payment of $1,035 per $1,000 principal amount of notes plus accrued interest.
Deutsche Bank Securities Inc. (866 627-0391 or collect 212 250-6429) is the dealer manager.
The company completed its most recent tender offer for the toggle notes on Dec. 8.
Investors tendered $1,166,500,000 principal amount, or 66.7%, of the outstanding notes and Univision purchased $460 million, or 26.3%, of the notes, which was the maximum amount set under the terms of the offer.
The company paid $1,070 per $1,000 principal amount of notes, including a $30 early tender fee for notes tendered by the early tender time. Holders also received accrued interest.
The tender offer depended on the completion of one or more debt financings and, on Nov. 9, Univision priced a $500 million issue of 10.5-year senior notes at par to yield 8½%.
Deutsche Bank Securities was the dealer manager for the offer, and Global Bondholder Services Corp. was the information agent.
Univision is a Los Angeles-based Spanish-language media company.
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