By Paul A. Harris
Portland, Ore., Feb. 10 – Univision Communications Inc. priced a massively upsized $1.25 billion two-part secured notes transaction (B2/B+) in a Tuesday drive-by, according to a market source.
The deal included a $500 million add-on to the company’s existing 5 1/8% senior secured notes due May 2023 which priced at 103 to yield 4.682%. The reoffer price came rich to price talk in the 102.5 area.
In addition Univision priced a $750 million tranche of 10-year notes at par to yield 5 1/8%. The yield printed on top of yield talk.
The transaction was announced early Tuesday at an overall size of $600 million.
Deutsche Bank Securities Inc. was the left bookrunner. BofA Merrill Lynch, Barclays, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Natixis Securities and Mizuho were the joint bookrunners.
The Los Angeles-based Spanish-language media company plans to use the proceeds to repay its 6 7/8% notes due 2019.
| Issuer: | Univision Communications Inc.
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| Face amount: | $1.25 billion, increased from $600 million
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| Proceeds: | $1.27 billion
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| Left bookrunner: | Deutsche Bank Securities Inc.
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| Joint bookrunners: | BofA Merrill Lynch, Barclays, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Natixis Securities and Mizuho
|
| Trade date: | Feb. 10
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| Settlement date: | Feb. 19
|
| Ratings: | Moody’s: B2
|
| Standard & Poor’s: B+
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| Distribution: | Rule 144A for life
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| Marketing: | Quick to market
|
|
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| Add-on to notes due 2023
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| Face amount: | $500 million
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| Proceeds: | $515 million
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| Maturity: | May 15, 2023
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| Security description: | Add-on to 5 1/8% senior secured notes due May 15, 2023
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| Coupon: | 5 1/8%
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| Price: | 103
|
| Yield to maturity: | 4.682%
|
| Spread: | 278 bps
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| First call: | May 15, 2018 at 102.563
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| Price talk: | 102.5 area
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| New 10-year notes
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| Amount: | $750 million
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| Maturity: | Feb. 15, 2025
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| Securities: | Senior secured notes
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| Coupon: | 5 1/8%
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| Price: | Par
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| Yield: | 5 1/8%
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| Spread: | 314 bps
|
| First call: | Feb. 15, 2020 at 102.563
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| Price talk: | 5 1/8% area
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