Univision Said to Increase Loan for Rate Cut to $3.37 Billion

Univision Communications Inc., the Spanish-language broadcaster taken private by a group including Madison Dearborn Partners LLC in 2007, more than doubled the size of bank debt on which it’s seeking to lower rates, according to a person with knowledge of the deal.

The company will lower rates on $3.37 billion of loans, up from $1.5 billion, said the person, who asked not to be identified without authorization to speak publicly. The rate paid on the covenant-light term debt remains at 3 percentage points more than the London interbank offered rate, with a 1 percent minimum on the lending benchmark, the person said. Proceeds will be used to repay a portion of the company’s first-lien debt that expires in 2020.