Co announces the authorization of the co's Board, on Nov 29, the co gave notice to Wells Fargo Bank, the Trustee of its 8.750% Senior Secured First Lien Notes due 2017, of its intention to redeem a portion of the remaining Notes outstanding on December 31, 2012 in an aggregate principal amount of $40 mln , pursuant to the optional redemption provisions in the Indenture. Following this redemption, ~$324 mln in principal amount of the Notes will remain outstanding. The Board also declared a special one-time cash dividend of $0.12 per share to shareholders of the co's Class A, Class B and Class U common stock. The dividend will be payable on Dec 28, to shareholders of record as of the close of business on Dec 12, and the common stock will trade ex-dividend on December 10, 2012.
EVC is going to become a cash cow. They have the best market to be in, only growing audience in TV, and one that becomes much more valuable every month. There should be much more positive vibes torward the hispanic population over the next 4 years. The republicans shot themselves in the foot. Change is in the air.
And EVC management is very clean, logical, these moves are great for shareholders and debt structure friendly.