Entravision buys back series A preferreds using new credit facility

New York, Sept. 30 - Entravision Communications Corp. said it bought back all 3.32 million shares of its series A convertible preferred stock from TSG Capital Fund III LP, paying $73 million.

The price reflects a "small premium" to the liquidation value, Entravision said.

The Santa Monica, Calif., Spanish-language media company now has no shares of the series A convertibles outstanding.

Funding for the repurchase came from the multiple-draw term loans in Entravision's new bank credit facility, which were specifically included to buy back the convertibles.

Repurchasing the convertibles removes the uncertainty associated with the April 2006 put on the securities, Entravision added.

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