Univision Merger Moves Forward
February 16, 2007 at 7:42 AM (PT)
UNIVISION COMMUNICATIONS announced that UMBRELLA ACQUISITIONS INC. intends to offer $1.5 billion principal amount of senior notes due 2015. The consummation of the notes offering is subject to market and other conditions.
UMBRELLA ACQUISITIONS was formed in connection with UNIVISION’s previously announced agreement to merge with an entity controlled by affiliates of a private equity consortium consisting of MADISON DEARBORN PARTNERS, PROVIDENCE EQUITY PARTNERS, TEXAS PACIFIC GROUP, THOMAS H. LEE PARTNERS and SABAN CAPITAL GROUP.
The notes will be issued by UMBRELLA. UNIVISION will assume all of the obligations under the notes upon consummation of the merger. The net proceeds from the offering of the notes, together with other financing sources, will be used to consummate the merger and related transactions.