Mexican media giant Televisa has raised Ps10bn (US$801m) via the issue of 7.38% 10-year notes.
Banco Santander and HSBC were lead bookrunners on the offering, which priced at par. The issue was Televia’s first foray into the local bond market for nearly…
Mexican media giant Televisa has raised Ps10bn (US$801m) via the issue of 7.38% 10-year notes.
Banco Santander and HSBC were lead bookrunners on the offering, which priced at par. The issue was Televia’s first foray into the local bond market for nearly a decade and proved popular with Mexican investors. While the order book at close to Ps13bn was not hugely above the total amount issued, the coupon is reportedly one of the lowest in the domestic market for a very long time.
The company stated that it intends to use net proceeds from the financing to “strengthen its financial position”. This is likely to include helping to fund Televisa’s recent acquisition of a stake in the US-based Spanish-language media broadcaster Univision. On 5 October, Televisa announced that it will pay US$1.2bn in cash, as well as its 50% interest in TuTV, in return for a 5% equity stake and debentures convertible into an additional 30% stake in Univsion.
Televisa majority owns the country’s largest satellite TV operator Sky Mexico.
