Grupo Televisa accepts $292.03 million total tenders for three notes

By Marisa Wong

Los Angeles, Aug. 24 – Grupo Televisa, SAB announced the expiration and final results of its July 27 offer to purchase for cash a maximum aggregate principal amount of up to $300 million of notes from three series, according to a Wednesday press release.

Overall, Televisa has accepted for purchase $292,032,000 aggregate principal amount of tendered notes, consisting of $288,960,000 of early tendered notes previously settled on Aug. 12 and $3,072,000 of additional notes tendered after the 5 p.m. ET on Aug. 9 early deadline and before the 11:59 p.m. ET on Aug. 23 expiration time.

Specifically, holders had tendered and the company has accepted the following notes, listed in order of acceptance priority level and with the consideration per $1,000 principal amount:

• $110,642,000 of the $1 billion outstanding 5% notes due 2045 (Cusip: 40049JBA4), subject to a $200 million series tender cap, for an early tender consideration of $956.33, based on the 3¼% U.S. Treasury due May 15, 2042 and a fixed spread of 209 basis points;

• $133.58 million of the $400 million outstanding 6 5/8% notes due 2025 (Cusip: 40049JAV9), subject to a $133.58 million series tender cap. Of those tendered notes, $130,508,000 were purchased at an early tender consideration of $1,059.52, based on the 3% U.S. Treasury due July 15, 2025 and a fixed spread of 97 bps, and $3,072,000 will be purchased for a late tender consideration of $1,029.52; and

• $47.81 million of the $750 million outstanding 5¼% notes due 2049 (Cusip: 40049JBE6) for an early tender consideration of $995.50, based on the 2¼% U.S. Treasury due Feb. 15, 2052 and a fixed spread of 225 bps.

The company increased the series tender cap for the 2025 notes to $133.58 million from $130,508,000, according to Wednesday’s announcement. The series tender cap was previously increased from $100 million in order for all of the early tendered notes to be accepted.

Pricing was determined at 2 p.m. ET on Aug. 9.

Holders who tendered their notes by the early tender date were eligible to receive the early tender consideration, which included an early tender premium of $30 per $1,000 principal amount.

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

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

The company had decided to settle early tendered notes on Aug. 12. The early tender consideration, excluding interest, payable for all of the early tendered notes was $291,680,955.02.

The remaining $3,072,000 of tendered 2025 notes will settle on Aug. 25. The aggregate late tender consideration for those notes is $3,162,685.44.

The tender offer was subject to some conditions, which were satisfied as of the early tender date, the company previously announced.

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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