Grupo Televisa accepts $288.96 million early tenders for three notes

By Marisa Wong

Los Angeles, Aug. 11 – Grupo Televisa, SAB announced the early tender results of its July 27 offer to purchase for cash a maximum aggregate principal amount of up to $300 million of notes from three series.

As of 5 p.m. ET on Aug. 9, the early tender date, holders had tendered the following notes, listed in order of acceptance priority level and with the consideration per $1,000 principal amount:

• $110,642,000 of the $1 billion outstanding 5% notes due 2045 (Cusip: 40049JBA4), subject to a $200 million series tender cap, for an early tender consideration of $956.33, based on the 3¼% U.S. Treasury due May 15, 2042 and a fixed spread of 209 basis points;

• $130,508,000 of the $400 million outstanding 6 5/8% notes due 2025 (Cusip: 40049JAV9), subject to a $130,508,000 series tender cap (increased from $100 million), for an early tender consideration of $1,059.52, based on the 3% U.S. Treasury due July 15, 2025 and a fixed spread of 97 bps; and

• $47.81 million of the $750 million outstanding 5¼% notes due 2049 (Cusip: 40049JBE6) for an early tender consideration of $995.50, based on the 2¼% U.S. Treasury due Feb. 15, 2052 and a fixed spread of 225 bps.

The company will accept all of the early tendered notes for purchase, according to a press release on Wednesday.

In order to accept all of the early tendered notes, the company increased the series tender cap for the 2025 notes to $130,508,000 from $100 million.

Pricing was determined at 2 p.m. ET on Aug. 9.

Holders who tendered their notes by the early tender date will be eligible to receive the early tender consideration, which includes an early tender premium of $30 per $1,000 principal amount.

Holders tendering after the early tender date will only be eligible to receive the late tender consideration, which is the early tender consideration less the early tender premium.

The company will also pay accrued interest to but excluding the applicable settlement date.

The company has decided to settle early tendered notes on Aug. 12. The early tender consideration, excluding interest, payable for all of the early tendered notes will be $291,680,955.02.

Tenders may no longer be withdrawn.

The tender offer expires at 11:59 p.m. ET on Aug. 23. Final settlement will follow soon after that expiration date.

The tender offer is subject to some conditions, which have been satisfied as of the early tender date, the company announced on Wednesday.

Citigroup Global Markets Inc. (800 558-3745 and 212 723-6106) and Santander Investment Securities Inc. (855 404-3636 and 212 940-1442) are dealer managers for the offer.

Global Bondholder Services Corp. (855 654-2015 or 212 430-3774) is the tender agent and the information agent.

The Mexico City-based telecommunications company owns and operates a cable company as well as a leading direct-to-home satellite pay television system in Mexico.

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