Clear Channel To Offer $400 Million In New Notes, Redeem Older Ones
April 28, 2014 at 6:05 AM (PT)
CLEAR CHANNEL COMMUNICATIONS, INC.'s newly-formed CCU ESCROW CORP., created for the purpose of this offering, is making a private offer of $400 million in aggregate principal amount of senior notes due 2018.
The money raised by the offering will go into escrow until redemption of $408.6 million aggregate principal amount of CCU’s 5.5% senior notes due 2014, said redemption to be triggered no later than 30 days after the closing of the offering of the new notes.
The proceeds plus additional cash will be used to redeem the 2014 notes called for redemption, plus accrued and unpaid interest, fees and expenses. Once the redemption is complete, the new escrow company will merge into CCU.