NEW YORK, Dec. 8, 2010 /PRNewswire/ -- Univision Communications Inc. ("Univision") announced today that its previously announced cash tender offer to purchase up to $460.0 million aggregate principal amount of its outstanding 9.75%/10.50% Senior Notes due 2015 (the "Notes") expired at 12:01 a.m., New York City time, on Wednesday, December 8, 2010 (the "Expiration Time"). As of the Expiration Time, $1,166.5 million aggregate principal amount of the Notes, representing approximately 66.7% of the aggregate principal amount of Notes outstanding, were validly tendered and not validly withdrawn. Univision had previously announced that, as of Tuesday, November 23, 2010, $1,166.4 million aggregate principal amount of the Notes, representing approximately 66.7% of the aggregate principal amount of Notes outstanding, were validly tendered and not validly withdrawn (the "Early Tendered Notes"), and Univision accepted and settled $306.8 million aggregate principal amount of the Early Tendered Notes on November 24, 2010 (the "Early Settlement Date").
Univision has accepted for purchase, in base denominations of $1.00 and in integral multiples of $1.00 in excess thereof, the remaining validly tendered Notes not purchased on the Early Settlement Date and Notes validly tendered after the Early Settlement Date, but prior to the Expiration Time, up to the tender cap of $460.0 million in aggregate principal amount and subject to certain proration procedures as described in the Offer to Purchase dated November 8, 2010. Holders who validly tendered their Notes prior to the Early Settlement Date will receive $1,070 per $1,000 principal amount of Notes validly tendered and accepted for purchase and holders who validly tendered their Notes thereafter will receive $1,040 per $1,000 principal amount of Notes tendered and accepted for purchase on December 8, 2010 (the "Final Settlement Date"). In addition to the consideration described above, holders of Notes validly tendered and accepted for purchase will receive accrued and unpaid interest on the Notes from the last payment date for the Notes up to, but not including, the Final Settlement Date. The total aggregate principal amount of Notes accepted for purchase on the Early Settlement Date and the Final Settlement Date represents approximately 39.4% of all validly tendered and not validly withdrawn Notes.
Pursuant to the terms of the tender offer, Notes not tendered in the tender offer, or Notes not accepted for purchase, will remain outstanding, and the terms and conditions governing the Notes, including the covenants and other provisions contained in the indenture governing the Notes, will remain unchanged.
About Univision Communications:
Univision Communications Inc. is the premier Spanish-language media company in the United States. Its operations include Univision Network, the most-watched Spanish-language broadcast television network in the U.S. reaching 95% of U.S. Hispanic Households; TeleFutura Network, a general-interest Spanish-language broadcast television network, which was launched in 2002 and now reaches 85% of U.S. Hispanic Households; Galavision, the country's leading Spanish-language cable network; Univision Studios, which produces and co-produces telenovelas, reality shows, dramatic series and other programming formats for all of the Company's platforms; Univision Television Group, which owns and operates 62 television stations in major U.S. Hispanic markets and Puerto Rico; Univision Radio, the leading Spanish-language radio group which owns and/or operates 68 radio stations in 16 of the top 25 U.S. Hispanic markets and 5 stations in Puerto Rico; and Univision Interactive Media, which includes http://www.univision.com, the premier Spanish-language Internet destination in the U.S., and Univision Movil, the industry's most comprehensive Spanish-language suite of mobile offerings. Univision Communications also has a 50% interest in TuTv, a joint venture formed to broadcast Televisa's pay television channels in the U.S. Univision Communications has television network operations in Miami and television and radio stations and sales offices in major cities throughout the United States. For more information, please visit www.univision.net.
This document contains forward-looking statements that involve risks and uncertainties. Factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include: adverse conditions in the capital markets and the failure of holders to participate in the tender offer; changes in federal or state securities laws; and changes in our business and financial condition. The Company assumes no obligation to update forward-looking information contained in this press release.
SOURCE Univision Communications Inc.