Clear Channel Assumes Obligations Of CCU Escrow Corp. After Bond Offering, Redemption
June 6, 2014 at 4:16 PM (PT)
As planned, CLEAR CHANNEL COMMUNICATIONS, INC. has assumed the obligations of CCU ESCROW CORP. under the $850 million of 10.0% senior notes due 2018 issued by CCU ESCROW on MAY 1st 2014.
CCU ESCROW CORP., created for the purpose of the offering, made a private offer of the notes, held in escrow until redemption of $567.1 million aggregate principal amount of CCU’s 5.5% senior notes due 2014 and $241.0 million aggregate principal amount of CCU’s 4.9% senior notes due 2015. Upon redemption of the older notes, CCU ESCROW was merged into CLEAR CHANNEL COMMUNICATIONS, INC., which assumes CCU ESCROW's obligations post-merger.