Clear Channel's Offer To Amend, Extend Term Loans Ends With Increased Limit Reached
December 13, 2013 at 6:04 AM (PT)
CLEAR CHANNEL COMMUNICATIONS, INC. has announced that its 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 has expired effective YESTERDAY (12/11) with the aggregate principal amount of loans submitted for extension exceeding the $1.3 billion limit (as increased yesterday from $1 billion).
The aggregate principal amount will be prorated among submitting lenders so the total aggregate principal of term loans E will equal $1.3 billion. The transaction is expected to close on or about DECEMBER 18th.