New Issue: Univision prices $600 million eight-year notes at par to yield 6 7/8%

By Paul A. Harris

Portland, Ore., April 25 - Univision Communications Inc. priced a $600 million issue of eight-year senior secured notes (B2/B/) at par to yield 6 7/8% on Monday, according to an informed source.

The yield printed on top of the price talk.

Deutsche Bank Securities Inc., Merrill Lynch, Barclays Capital Inc., Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. Inc. and Wells Fargo Securities LLC were the joint bookrunners for the quick-to-market deal.

Proceeds will be used to fund the tender offer for $545 million of the company's 12% senior secured notes due 2014.

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

Issuer:	Univision Communications Inc.
Amount:	$600 million
Maturity:	May 15, 2019
Securities:	Senior secured notes
Bookrunners:	Deutsche Bank Securities Inc., Merrill Lynch, Barclays Capital Inc., Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. Inc., Wells Fargo Securities LLC
Coupon:	6 7/8%
Price:	Par
Yield:	6 7/8%
Spread:	386 bps
Call features:	Callable on May 15, 2015 at 103.438, 101.719, par on and after May 15, 2017
Equity clawback:	35% at 106.875 until May 15, 2014
Trade date:	April 25
Settlement date:	May 9
Ratings:	Moody's: B2
	Standard & Poor's: B
Distribution:	Rule 144A for life and Regulation S
Price talk:	6 7/8% area
Marketing:	Quick to market

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