Entravision Repurchases $16.2 Million Of Outstanding Debt
December 6, 2011 at 4:49 AM (PT)
ENTRAVISION COMMUNICATIONS has repurchased in open market transactions $16.2 million in aggregate principal amount of its 8.750% senior secured first lien notes due 2017. The company also announced its Board of Directors has declared a special one-time cash dividend of $0.06 per share to shareholders of the company's Class A, Class B and Class U common stock. The dividend will be payable on DECEMBER 30, 2011 to shareholders of record as of the close of business on DECEMBER 16, 2011, and the common stock will trade ex-dividend on DECEMBER 14, 2011. The total amount of cash to be disbursed for the special dividend is expected to be approximately $5.1 million.
"We continually review the strategic use of our capital and today's announcement highlights our commitment to deleverage our balance sheet and efforts to return value to our shareholders," said Chairman/CEO WALTER F. ULLOA. "We believe we continue to have a solid liquidity position and remain focused on utilizing our unique station portfolio and expanding digital assets to continue to improve our operating performance."