Hemisphere Media Group, Inc. (NASDAQ:HMTV) (“Hemisphere” or the
“Company”), the only publicly traded pure-play U.S. media company
targeting the high growth Hispanic TV/cable networks business, announced
that on July 31, 2014 certain of the Company's subsidiaries entered into
an amendment to its existing credit agreement providing for a $225
million senior secured term loan B facility, which matures on July 30,
2020 (increased from initial aggregate principal amount of $175.0
million under the existing credit agreement).
Cinelatino, the leading Spanish-language movie channel distributed in
the U.S., Latin America and Canada, featuring the largest selection of
contemporary Spanish-language blockbusters and critically-acclaimed
titles from Mexico, Latin America, Spain and the Caribbean.
WAPA PR, Puerto Rico's leading broadcast station with the highest
primetime and full day ratings in Puerto Rico. Founded in 1954, WAPA
PR produces more than 65 hours per week of top-rated news and
WAPA America, the leading cable network targeting Puerto Ricans and
other Caribbean Hispanics living in the U.S., featuring the
highly-rated news and entertainment programming produced by WAPA PR.
Pasiones, dedicated to showcasing the most popular telenovelas and
drama series, distributed in the U.S. and Latin America.
Centroamerica TV, the leading network targeting Central Americans
living in the U.S., the third largest U.S. Hispanic group, featuring
the most popular news, entertainment and soccer programming from
TV Dominicana, the leading network targeting Dominicans living in the
U.S., featuring the most popular news, entertainment and baseball
programming from the Dominican Republic.
Pricing on the amended term loan facility, issued with a 0.5% original
issue discount, is LIBOR plus 400 basis points with a LIBOR floor of
1.00%. As compared to the pricing in the existing credit agreement, this
repricing has decreased the spread to LIBOR by 100 basis points and
reduced the LIBOR floor by 25 basis points.
After repayment of certain fees and expenses in connection with the
transaction and certain loans under the existing credit agreement, net
proceeds are approximately $49 million. The Company’s subsidiaries will
use the net proceeds for general corporate purposes, including funding
potential acquisitions from time to time.
J.P. Morgan Securities LLC and Deutsche Bank Securities Inc. each served
as Joint Lead Arrangers and Joint Lead Bookrunners, and CIT Capital
Securities LLC served as the Documentation Agent for the amended term
Further information can be found in the Company's Current Report on Form
8-K which shall be filed with the Securities and Exchange Commission.
Caution Concerning Forward-Looking Statements
Statements in this press release may contain certain statements about
the Company and its consolidated subsidiaries that do not directly or
exclusively relate to historical facts. The statements are
“forward-looking statements” within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are necessarily estimates reflecting the best judgment and
current expectations, plans, assumptions and beliefs about future events
(in each case subject to change) of the Company’s senior management and
management of its subsidiaries and involve a number of risks,
uncertainties and other factors, some of which may be beyond the
Company’s control that could cause actual results to differ materially
from those expressed or implied in such forward-looking statements.
Without limitation, any statements preceded or followed by or that
include the words “targets,” “plans,” “believes,” “expects,” “intends,”
“will,” “likely,” “may,” “anticipates,” “estimates,” “projects,”
“should,” “would,” “expect,” “positioned,” “strategy,” “future,”
“potential,” “plan,” “forecast,” or words, phrases or terms of similar
substance or the negative thereof, are forward-looking statements.
Factors that could cause actual results to differ materially from those
expressed or implied by the forward-looking statements are discussed
under the heading “Risk Factors” and “Forward-Looking Statements” in the
company’s most recent annual report on Form 10-K filed with the
Securities and Exchange Commission (“SEC”), as they may be updated in
any future reports filed with the SEC. If one or more of these factors
materialize, or if any underlying assumptions prove incorrect, the
Company’s actual results, performance, or achievements may vary
materially from any future results, performance or achievements
expressed or implied by these forward-looking statements.
Forward-looking statements included herein are made as of the date
hereof, and the Company undertakes no obligation to update publicly such
statements to reflect subsequent events or circumstances.
About Hemisphere Media Group, Inc.
Hemisphere Media Group (NASDAQ:HMTV) is the only publicly-traded
pure-play U.S. Spanish-language TV/cable network business serving the
high-growth U.S. Hispanic population. Headquartered in Miami, Florida,
Hemisphere owns and operates five leading U.S. Hispanic cable networks,
two Latin American cable networks, and the leading broadcast television
network in Puerto Rico. Hemisphere's networks consist of:
Hemisphere Media Group, Inc.
Robin Weinberg/Patrick Scanlan,
Source: Hemisphere Media Group, Inc.