MEXICO CITY — Grupo Televisa has raised $300 million in a 30-year bond offering — the longest-term bond ever issued by a Mexican company.
Analysts expect it to be the first of many issues by Mexican companies as they take advantage of February’s improvements in the nation’s credit rating to lower their borrowing costs.
Proceeds of the bond will be used to pay off the loan that Televisa took out to up its stake in U.S. Hispanic media company Univision in December.
Televisa handed over $375 million, plus its Fonovisa music subsid, to increase its holding from 6% to 15%. Terms of its programming supply contract with Univision were revised to allow the Mexican company to realize potential from ads airing during Televisa-produced shows, and for Univision to include Televisa programming on its new broadcast net, Telefutura.