Clear Channel Gets New Buyout Terms
Clear Channel Communications (CCU) shareholders won't get as much as they were promised by the two firms looking to take the company private, but at least they got a deal.
Clear Channel said late Tuesday that private-equity companies Thomas H. Lee Partners and Bain Capital have agreed to a new pact with a group of banks that had initially balked at fully funding the deal, settling on a purchase price of $17.9 billion, or $36 a share. That compares to the earlier buyout price that was set at $39.20 a share.
As part of the arrangement, the six banks financing the transaction have signed definitive agreements to provide long-term financing to Clear Channel, marking a huge step toward the completion of the long-troubled acquisition. Since the deal was initially presented in December 2006, various parties have disputed the price, the sale of certain assets and financing terms.
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