Univision to Sell $700 Million of Notes

Los Angeles-based Univision Communications Inc. said it planned to refinance $700 million in existing debt.

The unsecured notes will be due in 2006, 2007 and 2008.

Fitch Ratings service assigned an BBB-minus rating to the offering. The Spanish-language media giant had $1.37 billion in long-term debt as of June 30, including accrued interest. Citigroup Global Markets Inc. and UBS Securities plan to handle the offering.

Last month, Univision acquired Dallas-based radio chain Hispanic Broadcasting Corp. in a stock deal valued at about $3.25 billion. The radio firm had minimal debt.

Univision shares closed at $33.11, up 24 cents, on the NYSE.

-- Meg James