Clear Channel Communications, Inc. (“CCU”) announced today the expiration 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.
The offer expired on December 11, 2013. The aggregate principal amount of loans submitted for extension was greater than $1.3 billion but, under the terms of the offer, the amount of loans accepted for exchange was limited to $1.3 billion in aggregate principal amount. The aggregate principal amount of term loans B and C submitted for extension will be prorated amongst submitting lenders such that the total aggregate principal of term loans E equals $1.3 billion. The extension transaction is expected to close on or about December 18, 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%.
About Clear Channel CommunicationsClear Channel Communications is one of the leading global media and entertainment companies specializing in radio, digital, outdoor, mobile, live events, and on-demand entertainment and information services for local communities and providing premier opportunities for advertisers. Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements based on current CCU management expectations. These forward-looking statements include all statements other than those made solely with respect to historical facts. CCU undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.