Posted: Mon., Apr. 3, 2000

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Grupo Televisa to restructure debt

Mexican web offers $970 mil to bondholders

MEXICO CITY -- Grupo Televisa has announced a major restructuring of its debt with a $970 million offer to bondholders.

The Mexican web has given bondholders until April 26 to approve the deal for the securities, first issued in 1996. Most are expected to accept. Televisa will finance the deal with a $300 million bank loan and $775 million in new bonds and inflation-indexed units of investment.

The move is expected to slash annual interest payments by up to $40 million and will free Televisa from strict conditions curbing new investments.

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