Clear Channel: Majority Of Noteholders Accept Tender Offer
January 2, 2008 at 11:36 AM (PT)
CLEAR CHANNEL says that it has received tenders and consents from holders of a majority of its outstanding 7.65% Senior Notes due 2010, and that its AMFM Operating Inc. subsidiary has received tenders and consents representing a majority of its outstanding 8% Senior Notes due 2008, all pursuant to previously announced cash tender offers and consent solicitations. As a result, the company says it will promptly enter into supplemental indentures clearing substantially all of the restrictive covenants and anti-merger/consolidation covenants in the notes, further clearing the way for the company to be taken private in the pending deal with BAIN CAPITAL and THOMAS H. LEE PARTNERS, which awaits FCC approval.
As of 5p ET DECEMBER 31st, CLEAR CHANNEL had received tenders and consents in respect of $710,729,000 of the outstanding principal amount of CCU Notes (about 94.76%), while AMFM had received tenders and consents in respect of $555,582,000 of the outstanding principal amount of AMFM Notes (about 86.16%).
CLEAR CHANNEL and AMFM have extended the consent payment deadlines for the tender offers and consent solicitations to 8a ET JANUARY 16th. CITI is serving as lead dealer manager for the tender offers and lead solicitation agent for the consent solicitations, with DEUTSCHE BANK SECURITIES INC. and MORGAN STANLEY as co-dealer managers/co-solicitation agents.