Clear Channel Upsizes, Extends Offer To Amend, Extend Term Loans
December 10, 2013 at 6:13 AM (PT)
CLEAR CHANNEL COMMUNICATIONS, INC. has announced the upsizing and expiration date extension of the 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 has been increased from $1 billion to $1.3 billion in maximum aggregate principal amount, and the expiration has been extended from yesterday to TOMORROW (12/11) at 4p (ET). The upsizing comes after, as of yesterday at the original 4p (ET) expiration date, lenders holding approximately $1.3 billion in aggregate principal amount of term loans B and/or C had submitted signature pages accepting the offer. The term loan extension transaction is expected to close on or about DECEMBER 16th.
In addition, the company announced the early tender results of its previously announced private offer to exchange its outstanding 10.75% Senior Cash Pay Notes due 2016 and 11.00%/11.75% Senior Toggle Notes due 2016 for its newly issued Senior Notes due 2021, with approximately $353.3 million in aggregate principal amount (78.8%) of the Outstanding Cash Pay Notes and approximately $212.1 million in aggregate principal amount (62.4%) of the Outstanding Toggle Notes validly tendered and not withdrawn as of 5p (ET) yesterday, making the aggregate principal amount of New Notes that will be issued about $621.9 million.