The $1.5 billion deal for Los Angeles-based Univision Communications is set to close on July 9, after a strong syndication. The credit, led by BNP Paribas and J.P. Morgan Chase, comprises a $500 million revolver and a $1 billion term loan priced at LIBOR plus 11/4% and backs the acquisition of stations from USA Broadcasting, Raycom Media and Equity Broadcasting. J.P. Morgan is administrative agent and BNP Paribas documentation agent.
More than $1 billion in commitments came in before going into general syndication, said a source following the deal. Moody's Investors Service rates the loan Baa3. Glenn Eckert, v.p. senior analyst with Moody's, said that the company's dominance in the sector supports the investment grade profile. Demographic trends are moving strongly in favor of the Spanish-language television broadcaster, he added (see Credit In Focus, page 7).