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Clear Channel Communications Announces Upsize And Extension Of Its Previously Announced Offer To Extend Existing Term Loans And Early Tender Results Of Its Private Bond-for-Bond Exchange Offer

Stocks in this article: CCO

Clear Channel Communications, Inc. (“CCU”) announced today the upsize and extension of the expiration date of its previously announced offer to amend its senior secured credit facility to extend outstanding term loans B and C due January 2016 until July 2019 through the creation of a new term loan E facility. Under the terms of the original offer, the amount of term loans B and/or C to be accepted for exchange into term loans E was limited to $1.0 billion in aggregate principal amount. CCU has upsized its offer to accept up to $1.3 billion in aggregate principal amount of term loans B and/or C until the Amended Expiration Date (as defined below). The offer was scheduled to expire at 4:00 p.m., New York City time, on December 9, 2013 and has been extended to 4:00 p.m., New York City time, on December 11, 2013 (the “Amended Expiration Date”). As of 4:00 p.m., New York City time, on December 9, 2013, lenders holding approximately $1.3 billion in aggregate principal amount of term loans B and/or C had submitted signature pages agreeing to exchange and convert their term loans B and/or C into the new term loans E. If lender recommitments for the up to $1.3 billion proposed extension do not exceed $1.0 billion in total, CCU will close the original $1.0 billion extension based on signature pages received prior to the previously expired deadline for that extension. To the extent more than $1.3 billion of extensions recommit, the term loans E will be allocated pro rata among extending lenders. The term loan extension transaction is expected to close on or about December 16, 2013.

The new extended term loans will have the same security and guarantee package as the outstanding term loans B, C and D. Borrowings under the new extended term loans will bear interest at a rate equal to, at CCU’s option, adjusted LIBOR plus 7.50% or a base rate plus 6.50%.

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