Univision Communications was quite successful with its tender offer to buy back up to $460 million of its senior notes due 2015. It was so successful, thus far, that well over twice that amount was tendered, so not all will be accepted for the buyback.
As of the early tender date of November 23rd, $1.17 billion aggregate principal amount of Univision’s 9.75%/10.50% Senior Notes due 2015 had been tendered. That’s 66.7% of the $1.75 billion of the issue outstanding, whereas the company had offered to buy back only 26.3%. The solution? Univision is buying 26.3% of the early tendered notes, which is $306.8 million face value. Those early tendered notes accepted for payment, will receive $1,070, plus an amount equal to accrued interest, payable in cash, for each $1,000 principal amount, which includes an early tender payment of $30 per $1,000 of notes accepted for payment.
The remainder of the $460 million total will come from notes tendered by the final deadline of 12:01 am ET December 8th (assuming it is not extended). Those notes tendered and accepted after the early deadline but by the final deadline will receive $1,040 per $1,000 face value.