Radio and television group owner Entravision is offering to exchange new 8.75% senior secured first lien notes due 2017 for its existing $400 million of 8.75% senior secured first lien notes due 2017 which were sold in July. The difference? The new notes will be registered for public trading.
What Entravision is doing has become fairly standard practice on Wall Street in recent years. A corporate bond offering is sold in a private placement to eligible large investors, and then the bonds are swapped for bonds which can be publicly traded a few months later.
The exchange offer is being handled by Wells Fargo Bank. It is set to expire on January 6th.
