TelevisaUnivision Inc.’s U.S.-focused subsidiary Univision Communications has priced its offering of $240.7 million aggregate principal amount of 8% senior secured notes due 2028 at an issue price of 101.0%.
The Notes are being offered as a further issuance of, and will be consolidated with and form a single series with, the existing $1.2 billion aggregate principal amount of 8% senior secured notes due 2028.
The offering of the Notes is expected to close on, or about, Monday (1/22), subject to customary closing conditions.
Univision intends to use the net proceeds from the offering, together with cash on hand, to redeem all of the $240.7 million outstanding aggregate principal amount of its 5.125% senior secured notes due 2025, as well as to pay any costs, fees and expenses in connection therewith.
The redemption is expected to occur on January 29, completing a debt swap that gives TelevisaUnivision more time to repay its debtors but add a premium, given the higher interest rate.
The Notes are considered general senior secured obligations of TelevisaUnivision and will be guaranteed by the company’s wholly owned domestic subsidiaries that guarantee the obligations under its senior secured credit facilities and existing senior secured notes.