Mexico’s Grupo Televisa launches capped tender offer for three notes

By Marisa Wong

Los Angeles, July 28 – Grupo Televisa, SAB announced it began a tender offer to purchase for cash a maximum aggregate principal amount of up to $300 million of notes from three series.

Grupo Televisa is offering to purchase notes from the following series, listed in order of acceptance priority level:

• $1 billion outstanding 5% notes due 2045 (Cusip: 40049JBA4), subject to a $200 million series tender cap, with pricing to be based on the 3¼% U.S. Treasury due May 15, 2042 and a fixed spread of 209 basis points;

• $400 million outstanding 6 5/8% notes due 2025 (Cusip: 40049JAV9), subject to a $100 million series tender cap, with pricing to be based on the 3% U.S. Treasury due July 15, 2025 and a fixed spread of 97 bps; and

• $750 million outstanding 5¼% notes due 2049 (Cusip: 40049JBE6), with pricing to be based on the 2¼% U.S. Treasury due Feb. 15, 2052 and a fixed spread of 225 bps.

Pricing will be determined at 2 p.m. ET on Aug. 9.

Holders who tender their notes by 5 p.m. ET on Aug. 9, the early tender date, will be eligible to receive the early tender consideration, which includes an early tender premium of $30 per $1,000 principal amount.

Holders tendering after the early tender date will only be eligible to receive the late tender consideration, which is the early tender consideration less the early tender premium.

The company will also pay accrued interest to but excluding the applicable settlement date.

The tender offer expires at 11:59 p.m. ET on Aug. 23.

The company may, but is not required to, accept early tendered notes on an early acceptance date. Settlement of accepted early tendered notes will occur promptly after the early acceptance date.

Final settlement will follow soon after that expiration date.

The tender offer is subject to some conditions.

Citigroup Global Markets Inc. (800 558-3745 and 212 723-6106) and Santander Investment Securities Inc. (855 404-3636 and 212 940-1442) are dealer managers for the offer.

Global Bondholder Services Corp. (855 654-2015 or 212 430-3774) is the tender agent and the information agent.

The Mexico City-based telecommunications company owns and operates a cable company as well as a leading direct-to-home satellite pay television system in Mexico.

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