Clear Channel Raises $8 Billion In The Latest Private Debt Exchange Offering
October 22, 2012 at 3:50 PM (PT)
CLEAR CHANNEL COMMUNICATIONS' pending private offer to exchange up to $2 billion aggregate principal amount of term loans under its cash flow credit facilities for a like principal amount of newly issued CCU 9.0% priority guarantee notes due 2019 (NET NEWS, 10/12) has been oversubscribed. Term loans in excess of $8 billion in aggregate principal amount had been submitted for exchange by the noon, ET, October 19th deadline.
Since the $8 billion of term loans exceeded the private offer of $2 billion, the amount of each lender’s term loans that will be accepted in exchange for Notes will be reduced on a pro rata basis. Consummation of the exchange offer is subject to the satisfaction or waiver of certain conditions, including an amendment to CCU’s cash flow credit facilities becoming effective.