Univision Announces Launch of Bank Credit Facility "Amend and Extend" Transaction

Univision Announces Launch of Bank Credit Facility “Amend and Extend” Transaction

Univision Communications Inc., the leading Spanish-language media company, today announced that it is seeking amendments to its aggregate $8.0 billion senior bank credit facilities which would, among other things, amend certain terms and conditions of the credit facilities and extend (i) the maturity of a substantial portion of its term loan facility due September 2014 by two and a half years and (ii) the maturity of its revolving credit commitments terminating in March 2014 by two years.

Lenders consenting to the transaction (regardless of whether they elect to extend) will be paid a fee on their outstanding credit exposure and commitments after giving effect to the repayment described below. The extended credit facilities will be subject to modified interest rates. The credit agreement will also be amended to permit additional future extensions of the maturity dates of the revolving commitments and term loans thereunder, and will permit the “refinancing” of the credit agreement obligations with additional first lien, second lien or unsecured indebtedness upon certain terms and conditions.

The amend and extend transaction is conditioned, among other things, on the Company’s placement of debt securities (which may be secured on a first lien basis) having a term of not less than 12 months after the new maturity date of the extended term loan facility and in an amount not less than $750 million, the proceeds of which are to be used to repay a portion of the term loans under the senior bank credit facilities. The amend and extend transaction is also subject to approval by lenders holding a majority in principal amount of the loans and commitments outstanding under the senior bank credit facilities. The Company expects to complete the amend and extend transaction in October 2010, subject to meeting customary conditions.

This news release is neither an offer to purchase nor a solicitation of an offer to sell any securities. Persons with questions regarding the proposed amendment should contact Andrew Hobson at the contact below.

About Univision Communications:

Univision Communications Inc. is the premier Spanish-language media company in the United States. Its operations include Univision Network, the leading Spanish-language broadcast television network in the United States reaching approximately 97% of U.S. Hispanic households; TeleFutura Network, a general-interest Spanish-language broadcast television network, which was launched in 2002 and now reaches approximately 86% of U.S. Hispanic households; Galavisión, 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 56 television stations in major U.S. Hispanic markets and Puerto Rico; Univision Radio, the largest Spanish-language radio group which owns and/or operates 65 radio stations in 16 of the top 25 U.S. Hispanic markets and five radio 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 Móvil, 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, including those relating to the Company’s future success and growth. Factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include failure by the Company to satisfy the conditions to the amendment and extension.

Actual results may differ materially due to these risks and uncertainties. The Company assumes no obligation to update forward-looking information contained in this press release.

Investors:
Univision Communications Inc.
Andrew W. Hobson, 212-455-5263
or
Media:
Sard Verbinnen & Co
Stephanie Pillersdorf/Brooke Gordon
212-687-8080
or
Univision Communications Inc.
Monica Talan, 212-455-5331
mtalan@univision.net