Univision $1.54 billion senior notes expected mid-to-late February

By Paul A. Harris

St. Louis, Feb. 14 - Univision Communications Inc. is expected to launch a $1.54 billion offering of senior unsecured notes (B3) in mid-to-late February, according to a market source.

Credit Suisse, Banc of America Securities LLC, Deutsche Bank Securities, Wachovia Securities, RBS Greenwich and Lehman Brothers will lead the leveraged buyout deal.

The bond portion of the financing was originally contemplated as a $2 billion two-tranche deal that, in addition to the senior notes, would have included $460 million of senior subordinated notes.

Proceeds will be used to help fund the acquisition of Univision by Madison Dearborn Partners, Providence Equity Partners, Texas Pacific Group, Thomas H. Lee Partners and Saban Capital Group for $13.7 billion, including the assumption of $1.4 billion in debt, of which $950 million of existing notes will remain outstanding.

The financing also includes a new $8.25 billion credit facility as well as $3.9 billion of sponsor equity.

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

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