TV Azteca says it has been notified of early expiry of $400 mln notes

TV Azteca said on Monday it had received notice of the intention for early expiry by holders of $400 million in notes, which are due to mature in 2024, issued by the Mexican media group.

The group, which is controlled by Mexican business magnate Ricardo Salinas Pliego, had postponed a coupon payment on the notes which was due in February 2021, citing a difficult media landscape aggravated by the coronavirus pandemic.

TV Azteca said in a Mexican stock exchange release that it had received the notification from Bank of New York Mellon, trustee for the noteholders.

“The company has maintained a dialogue with the holders of the 2024 notes in order to reach a favorable agreement for all parties,” TV Azteca said.

Bank of New York Mellon did not immediately respond to a request for comment on the notification.

TV Azteca said in the statement that over the last 18 months it had amortized 3.347 billion pesos ($165 million) of its debt, strengthened its capital structure and endorsed its “commitment to maintain strategic, financial and operational soundness.” US News