Clear Channel Communications, Inc. (the “Company”) announced today the expiration and final settlement of its previously announced private offer to holders of the Company’s 10.75% Senior Cash Pay Notes due 2016 (the “Outstanding Cash Pay Notes”) and 11.00%/11.75% Senior Toggle Notes due 2016 (the “Outstanding Toggle Notes” and collectively with the Outstanding Cash Pay Notes, the “Outstanding Notes”) to exchange (the “Exchange Offer”) any and all Outstanding Notes for newly issued Senior Notes due 2021 of the Company (the “New Notes”). The Exchange Offer expired at 11:59 p.m., New York City time, on December 23, 2013 (the “Expiration Date”).
As previously announced, as of 5:00 p.m., New York City time, on December 9, 2013 (the “Early Tender Date”), approximately $353.3 million in aggregate principal amount (or approximately 78.8 percent) of the Outstanding Cash Pay Notes and approximately $212.1 million in aggregate principal amount (or approximately 62.4 percent) of the Outstanding Toggle Notes had been validly tendered and not withdrawn. As a result, the aggregate principal amount of New Notes that was issued in exchange for Outstanding Notes tendered on or prior to the Early Tender Date was approximately $621.9 million. Settlement for such New Notes occurred on December 16, 2013.
Following the Early Tender Date and on or prior to the Expiration Date, an additional $532,000 in aggregate principal amount (or approximately an additional 0.1 percent) of the Outstanding Cash Pay Notes had been validly tendered. No additional Outstanding Toggle Notes were tendered after the Early Tender Date and on or prior to the Expiration Date. As a result, the aggregate principal amount of New Notes that were issued in exchange for Outstanding Notes tendered following the Early Tender Date but on or prior to the Expiration Date was $558,600. Settlement for such New Notes occurred on December 24, 2013 (the “Final Settlement Date”).
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