Not only is Univision Communications getting a big investment from Televisa, but it is also doing some debt refinancing. To that end, it has announced a tender for some of its senior notes due 2015.
Univision announced that it has commenced a tender offer to purchase up to $460 million aggregate principal amount of its outstanding 9.75%/10.50% Senior Notes due 2015. The company currently has $1,748.9 million aggregate principal amount of the notes outstanding and the tender offer will represent an offer for up to approximately 26.3% of the notes.
The tender offer will expire at 5:00 pm ET on December 7, 2010, unless extended. The principal amount of notes purchased in the tender offer from any individual holder may be prorated.
Those notes tendered by an early tender deadline of November 22 (5:00 pm) and accepted will receive the total consideration of $1,070 per $1,000 principal amount of notes, which includes the early tender consideration of $30 per $1,000 principal amount of notes, plus any accrued and unpaid interest up to, but not including, the settlement date. Those notes tendered and accepted after the early deadline but by the final deadline will receive $1,040 per $1,000 face value.
Univision says the tender offer is contingent upon the company’s successful completion of one or more debt financing transactions, including potential debt securities offerings, in an amount sufficient to fund the purchase of the validly tendered notes accepted for purchase and to pay all fees and expenses associated with such financing and the tender offer. The tender offer, however, is not conditioned on any minimum amount of notes being tendered. Deutsche Bank Securities Inc. is managing the tender.