Univision Offers New Sr. Notes, Amends Credit Agreement
June 11, 2009 at 6:29 AM (PT)
UNIVISION COMMUNICATIONS in connection with its previously announced tender offer, announced TODAY (6/11) that it intends to offer a new series of senior secured fixed-rate notes. The purpose of the offering is to issue a sufficient amount of notes to allow the Company to purchase its validly tendered 7.850% Senior Secured Notes due 2011.
Univision Reaches Agreement To Amend Its Senior Secured Credit Agreement
The company also announced that it has reached an agreement with a group of its bank lenders to amend its senior secured credit agreement. The proposed amendment will relax the financial covenant contained in the Credit Agreement and specify the amount of certain benefits used in the calculation of the Company’s EBITDA for the purposes of complying with the financial covenant.
The Company has engaged DEUTSCHE BANK SECURITIES INC. and BANC OF AMERICA SECURITIES LLC as joint arrangers in connection with the amendment.