No one was using 500 million as a target for asset sales in yesterday’s Univision quarterly conference call. The newly private company, which still has public bonds, has a bridge loan for a half billion coming due next year, but CFO Andrew Hobson pointed out to analysts how that obligation can be met with only the asset sales done or underway, a total of 290 million, plus cash on hand, 50 million in marketable securities, and drawing from a 250 million revolving credit facility.
Univision has closed 13 million of asset sales and has 177 million pending under contract – mostly the 153 million deal to sell Univision Music Group (3/4/08 RBR #44). Hobson said the company has offers pending on another 100 million of assets. He didn’t say what type of assets those deals in negotiation involve, but Univision had indicated previously that, in addition to the record label group, it wanted to sell non-core radio stations, primarily in markets where it does not own TV stations.