BUSINESS BRIEFING / BROADCASTING
TIMES STAFF AND WIRE REPORTS
Univision Communications Inc., the largest U.S. Spanish-language broadcaster, said it entered into a three-year, $250-million revolving credit facility that would provide working capital.
The interest rate will be 4.5 percentage points above the London interbank offered rate with a 3% floor, the New York company said in a filing with the Securities Exchange Commission.
Moody’s in December downgraded Univision’s corporate debt rating to B3, six levels below investment grade, from B2, citing expected weak advertising spending next year.
