Entravision Redeems Notes, Declares Dividend
November 30, 2012 at 5:56 AM (PT)
ENTRAVISION COMMUNICATIONS CORPORATION is redeeming some of its notes and declaring a one-time cash dividend.
The company's board has authorized the redemption of a portion of its remaining 8.750% Senior Secured First Lien Notes due 2017 on DECEMBER 31st in an aggregate principal amount of $40 million, at a price of 103% of the principal amount plus interest. ENTRAVISION will pay for the redemption using $20 million in cash on hand and $20 million in proceeds from a senior bank facility. The redemption will leave about $324 million in principal amount of the Notes outstanding.
In addition, the company has declared a special one-time cash dividend of $0.12 per share, payable on DECEMBER 28th to shareholders of record of the company's Class A, Class B and Class U common stock as of DECEMBER 12th (the common stock will trade ex-dividend on DECEMBER 10th).
"Today's announcements demonstrate our confidence in the health of our business and its ability to deliver solid cash flows, as well as our commitment to rewarding our shareholders," said Chairman/CEO WALTER ULLOA. "We continue to review the strategic use of our capital and are pleased to further reduce our outstanding debt and return capital to shareholders through this special dividend."