Clear Channel Sets Purchase Price For AMFM Senior Notes
July 29, 2008 at 5:23 AM (PT)
CLEAR CHANNEL COMMUNICATIONS INC. announced that it has set purshase price in tender offer and consent solicitation for its subsidiary AMFM OPERATING INC.'s outstanding 8% Senior Notes due 2008. Accordingly, tender offer yield and total consideration, excluding accrued and unpaid interest but including consent payment, per $1,000 principal amount of Notes are 2.411% and $1,013.92 respectively. The company now expects expiry date for tender offer and consent payment deadline for notes on JULY 30, 2008.
The company specified that tender offer and consent solicitation is being made with merger with BT TRIPLE CROWN MERGER CO., INC. The closing of the merger is scheduled to occur on JULY 30, 2008. AMFM intends to complete tender offer and consent solicitation for notes upon consummation of merger.