Advising TV Azteca with its US$400 million Senior Notes programme

Nader, Hayaux & Goebel has helped Mexican media company TV Azteca create a US$400 million Senior Notes programme, for a term of seven years, with a coupon of 8.25%.

The Senior Notes offered under Regulation S and listed in the Singapore Exchange Securities Trading Limited, will refinance part of the company’s senior notes due in 2020. BCP Securities, Jefferies and Morgan Stanley, acted as underwriters, while The Bank of New York Mellon, acted as trustee and paying agent.

TV Azteca is one of the two largest producers of Spanish-language television programming in the world, operating three national television networks in Mexico, Azteca Trece, Azteca 7 and Proyecto 40, through more than 300 owned and operated stations across the country. It is of significant value for a mexican company considering the offering amount. The parties documented the transaction in a very short time, almost a month after kick off.

From the Mexico side the structure was particularly complex considering that close to 40 Mexican subsidiaries from TV Azteca guaranteed the offering; Michell Nader, partner and Jose Manuel Zavala Barrenechea, senior associate, advised TV Azteca, a longtime client from Nader, Hayaux y Goebel, in connection with all Mexican law matters, together with in-house counsels Rafael Rodriguez, Norma Urzúa and Mariana Miranda.