Univision launches extended term loan, revolver at Libor plus 400 bps

By Sara Rosenberg

New York, Oct. 6 - Univision Communications Inc. launched its credit facility amendment and extension on Wednesday morning, at which time it was disclosed that the extended term loan and revolver debt would be priced at Libor plus 400 basis points, up from current pricing of Libor plus 225 bps, according to sources.

The company is looking to extend $2.5 billion of its term loan due September 2014 by two-and-a-half years to 2017 and the $750 million revolver due March 2014 by two years to 2016, sources said.

In addition, the amendment will permit additional future extensions of the maturity dates of the revolver and term loan and will permit the refinancing of the credit facility with additional first-lien, second-lien or unsecured debt.

Deutsche Bank is leading the amendment and extension.

Lenders are being offered a 5 bps amendment fee.

The amendment and extension is conditioned on the company selling at least $750 million of notes to repay term loan borrowings and majority lender approval.

Closing on the transaction is expected to take place this month.

Los Angeles-based Univision is a Spanish-language media company.

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