Televisa provides loan to Cablemas.

Cablemas S.A. de C.V. (“Cablemas”) announced that in November 2006, the Alvarez Family, founders and owners of 100% of the stock of Cablemas, issued US$258 million in long term notes to Televisa. The proceeds were used to finance the transaction by which the Alvarez family purchased the 52.7% stake of Cablemas held at the time by Olmeca Investments B.V., Nautilus Gibraltar, S.P.R.L. and Citicorp International Finance Corporation, as announced on September 30, 2006. The notes are convertible into 99.99% of the equity of Alvafig S.A. de C.V., which holds 49% of the equity of Cablemas S.A. de C.V. The notes have a five-year maturity with a coupon rate of 8% in the first year and 10% in subsequent years. The conversion of the long term notes into equity is subject to approval by the regulatory authorities in Mexico.

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