Univision launches $2 billion extended term B at Libor plus 375 bps

By Sara Rosenberg

New York, June 8 – Univision Communications Inc. held a lender call at 2 p.m. ET on Monday to launch a $2 billion amended and extended first-lien term loan B (B2/B) due March 2026 with price talk of Libor plus 375 basis points with a 1% Libor floor and an original issue discount/extension fee of 98 to 98.5, according to a market source.

The extended term loan has 101 soft call protection for one year, the source said.

Amortization on the extended term loan is 1% per annum. The existing term loan has amortization of 1% per annum, however, historical voluntary prepayments have satisfied future amortization payments.

Included in the extended term loan is an excess cash flow sweep of 50% with step downs to 25% and 0% at 5.5x and 4.5x leverage, respectively, the source continued. By comparison, the existing term loan sweep step-downs occur at 6x and 5x leverage.

Goldman Sachs Bank USA and Deutsche Bank Securities Inc. are the leads on the deal.

Commitments are due at noon ET on Friday, the source added.

Proceeds will be used to extend the maturity date of the existing term loan by two years from 2024. Current pricing on the existing term loan is Libor plus 275 bps.

Univision is a New York-based Spanish language TV and radio broadcaster.

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