Published on 9/14/2012 in the Prospect News High Yield Daily.
New Issue: Univision prices double-sized $600 million tap of 6¾% 10-year notes at 102.875
By Paul A. Harris
Portland, Ore., Sept. 14 - Univision Communications Inc. doubled the size of its Friday high-yield bond deal to $600 million from $300 million as it tapped its 6¾% senior secured notes due 2022 (existing ratings B2/B+) at 102.875 to yield 6.285%, according to a syndicate source.
The reoffer price came at the tight end of price talk that was set in the 102.75 area.
The joint bookrunners were Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Barclays, Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC.
The Los Angeles-based Spanish-language media company plans to use the proceeds to repay bank debt.
The original $625 million issue priced at par on Aug. 15, 2012.
| Issuer: | Univision Communications Inc.
|
| Face amount: | $600 million, upsized from $300 million
|
| Proceeds: | $617.25 million
|
| Maturity: | Sept. 15, 2022
|
| Securities: | Add-on to 6¾% senior secured notes due Sept. 15, 2022
|
| Bookrunners: | Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Barclays, Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, Wells Fargo Securities LLC
|
| Coupon: | 6¾%
|
| Price: | 102.875
|
| Yield to worst: | 6.285%
|
| Spread: | 442 bps
|
| Call features: | Callable on Sept. 15, 2017 at 103.375, 102.25, 101.125, par on and after Sept. 15, 2020
|
| Equity clawback: | 40% at 106.75 until Sept. 15, 2015
|
| Trade date: | Sept. 14
|
| Settlement date: | Sept. 19 with accrued interest
|
| Existing ratings: | Moody's: B2
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A for life and Regulation S
|
| Price talk: | 102.75 area
|
| Marketing: | Quick to market
|
| Original issue: | $625 million issue priced at par on Aug. 15, 2012
|
| Total issue size: | $1,225,000,000
|
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