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Univision settles tenders for 96.23% of 12% notes, calls remainder
By Susanna Moon
Chicago, May 23 - Univision Communications Inc. said it completed the tender offer for its 12% senior secured notes due 2014 and called the remaining notes for redemption on June 8.
The company received no additional tenders since the early deadline on May 6 when it received $524,455,000 principal amount, or 96.23%, of the $545 million outstanding 12% notes, which it settled on May 9.
The offer expired at midnight ET on May 20. It began April 25.
As previously noted, Univision received more than the consents needed to amend the notes and entered into a supplemental indenture, which became operative on the purchase date.
The company solicited consents to amend the notes to eliminate substantially all of the restrictive covenants and release all of the collateral securing the notes.
The total payment was $1,076.45 for each $1,000 principal amount of notes tendered by the early tender date. This amount included a consent payment of $10.00 per $1,000 principal amount.
Univision also paid accrued interest up to but excluding the settlement date.
Holders who tendered their notes needed to consent to the proposed amendments, and holders could not deliver consents without tendering their notes.
The tender offer and consent solicitation were 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 notes.
Univision priced $600 million of eight-year senior secured notes at par to yield 6 7/8% on April 25.
Deutsche Bank Securities Inc. (855 287-1922 or collect 212 250-7527) and Bank of America 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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