Clear Channel Offers Some Noteholders Swap For New Notes
May 21, 2013 at 11:47 AM (PT)
CLEAR CHANNEL COMMUNICATIONS, INC. has launched a private offer to holders of its outstanding 10.75% Senior Cash Pay Notes due 2016 and 11.00%/11.75% Senior Toggle Notes due 2016 to exchange those notes for its newly issued Senior Notes due 2021. The swap is only available to holders of outstanding notes that have certified their status as both a “qualified institutional buyer” and an institutional “accredited investor," or which is not a “U.S. person.”
Eligible note holders must submit a letter of transmittal on or prior to 11:59p ET on JUNE 18th in order to participate. Holders of more than $550 million of principal amount of the outstanding notes have agreed to tender their notes in the swap.