Clear Channel Extends Exchange Offer For Senior Notes Due 2021
February 3, 2014 at 6:33 AM (PT)
CLEAR CHANNEL COMMUNICATIONS has pushed back paying off existing debt by extending its exchange offer of its Senior Notes due 2021, which have been registered under the Securities Act of 1933, as amended, for all outstanding Senior Notes due 2021, that were issued and sold by CLEAR CHANNEL in 2013 in private placement offerings.
The exchange offer, previously scheduled to expire on JANUARY 31, 2014 at 5p ET, will now expire on FEBRUARY 12, 2014, at 5p ET, unless further extended by CLEAR CHANNEL.
Approximately $1.34 billion in aggregate principal amount, or 73.45%, of the outstanding notes were tendered in the exchange offer as of 5p ET, on JANUARY 31, 2014. The extension is intended to allow additional time for holders of the remaining outstanding notes to tender their outstanding notes in the exchange offer.