Clear Channel Updates Note Swap Offer Status
June 5, 2013 at 5:23 AM (PT)
CLEAR CHANNEL COMMUNICATIONS, INC. has issued an update on its note swap offer announcing that the company received tenders for about 43.3% of its outstanding 10.75% Senior Cash Pay Notes due 2016 (representing about $345.1 million) and about 71.5% of its 11.00%/11.75% Senior Toggle Notes due 2016 (about $917.2 million, including $452.7 million held by CLEAR CHANNEL subsidiaries) before the JUNE 4th Early Tender Date. So far, the aggregate principal amount of new Senior Notes due 2021 to be issued in the swap is $1.2 billion.
Eligible noteholders can still tender their notes up to 11:59p ET on JUNE 18th, receiving $950 in new notes for each $1,000 principal in the Senior Cash Pay Notes and $880 in new notes plus $70 cash for each $1,000 of Toggle Notes. Payment and new note delivery are expected on or about JUNE 21st.