New Issue: Univision prices $315 million add-on to 8½% notes due 2021 at 101.75 to yield 8.191%

By Paul A. Harris

Portland, Ore., Jan. 10 - Univision Communications Inc. priced a $315 million add-on to its 8½% senior notes due May 15, 2021 (Caa2/CCC+/) at 101.75, resulting is an 8.191% yield to worst on Monday, according to an informed source.

The reoffer price came slightly rich to the 101.5 area price talk.

Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Barclays Capital Inc., Credit Suisse Securities and Wells Fargo Securities were the joint bookrunners.

Los Angeles-based Spanish-language media company will use the proceeds to redeem its 9¾% senior PIK toggle notes due 2015.

Issuer:	Univision Communications Inc.
Face amount:	$315 million
Proceeds:	$320.51 million (approximate)
Maturity:	May 15, 2021
Security description:	Add-on to the 8½% senior notes
Bookrunners:	Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Barclays Capital Inc., Credit Suisse Securities, Wells Fargo Securities
Coupon:	8½%
Price:	101.75
Yield:	8.191%
Spread:	536 bps
Call features:	Callable on Nov. 15, 2015 at 104.25, 102.833, 101.417, par on and after Nov. 15, 2018
Equity clawback:	35% at 108.50 until Nov. 15, 2013
Trade date:	Jan. 10
Settlement date:	Jan. 13
Ratings:	Moody's: Caa2
	Standard & Poor's: CCC+
Distribution:	Rule 144A for life and Regulation S
Price talk:	101.5 area
Marketing:	Quick to market
Original issue:	$500 million priced at par on Nov. 9, 2010
Total issue size:	$815 million

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