Entravision Communications announced pricing on its previously disclosed offering of senior secured first lien notes due 2017. The offering was boosted a bit to $400 million from the previous figure of $385 million.
The new notes will carry a coupon of 8.75% and sold at 98.722% of par, which works out to a yield of roughly 9%. The private placement is expected to close on or about July 27th.
As previously indicated, Entravision will use the proceeds to pay off all of its existing bank debt, with a bit to spare. The company will also enter into a new $50 million revolving credit facility.