Univision ups pricing on extended term loan to Libor plus 425 bps

By Sara Rosenberg

New York, Oct. 14 - Univision Communications Inc. increased pricing on its proposed extended term loan to Libor plus 425 basis points from Libor plus 400 bps and added a step-down to Libor plus 400 bps when net leverage is 8.5 times, according to sources.

Current pricing on the term loan is Libor plus 225 bps.

As was previously reported, the company is looking to extend $2.5 billion of its term loan due September 2014 by two and a half years to March 2017 and the $750 million revolver due March 2014 by two years to 2016.

Another revision to the amendment proposal is that the company would now have to use $1.1 billion of the cash from the $1.2 billion investment by Grupo Televisa SAB to repay PIK toggle notes, as opposed to that cash going to the sponsors.

Also, a springing maturity was added to the extended term loan to up to 45 days before the PIK toggle notes expire if there is more than $250 million of those notes outstanding and the Televisa transaction has not closed, sources said.

Deutsche Bank is leading the amendment and extension.

Lenders are being offered a 5 bps amendment fee.

As before, 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.

Consents and commitments are due at noon ET on Monday and closing is targeted for Oct. 22.

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

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