Published on 3/12/2002 in the Prospect News High Yield Daily.
New Issue: Entravision Communications upsizes seven-year notes to $225 million, yield 8 1/8%
By Paul A. Harris
St. Louis, Mo., March 12 - Entravision Communications Corp. upsized its offering of senior subordinate notes due March 15, 2009 (B3/B-) to $225 million from $200 million and priced it at par to yield 8 1/8%, according to syndicate sources.
"It came at the tight end of the talk, and it was upsized," a syndicate official commented. "There was strong demand for this."
UBS Warburg was bookrunner. The deal is believed to mark that firm's entry into the media sector as a high-yield lead manager.
Credit Suisse First Boston and Merrill Lynch & Co. were co-leads. And BNY Capital Markets, Fleet Securities, Scotia Capital and TD Securities were co-managers.
Proceeds from the Rule 144A notes will be used to repay the Santa Monica, Calif.-based Hispanic media company's existing debt.
Issuer: | Entravision Communications Corp.
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Amount: | $225 million (increased from $200 million)
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Maturity: | March 15, 2009
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Type: | Senior subordinated notes
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Bookrunner: | UBS Warburg
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Coupon: | 8 1/8%
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Price: | Par
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Yield: | 8 1/8%
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Spread: | 296 basis points over the 5½% Treasury of May, 2009
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Call features: | Callable on March 15, 2006 at 104.063, 102.031, par on March 15, 2008 and thereafter
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Equity clawback: | Until March 15, 2005 for 35% at 108.125
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Settlement date: | March 18, 2002 flat
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Ratings: | Moody's: B3
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| Standard & Poor's: B-
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Rule 144A CUSIP: | 29382RAA5 |
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