Clear Channel Launches Tender Offer For Senior Notes
August 8, 2008 at 5:27 AM (PT)
CLEAR CHANNEL is commencing a cash tender offer and consent solicitation for its outstanding $750,000,000 principal amount of 7.65% Senior Notes due 2010. The company is offering $960 per $1,000 principal amount of Notes, including a consent payment of $30 per $1,000 principal amount payable only for Notes tendered on or prior to the consent payment deadline. The deadline is 5p ET on AUGUST 21st, 2008, and the Tender Offer will expire at 8a ET on SEPTEMBER 5th.
The company is also soliciting consents from the holders of Notes to effect amendments that would eliminate substantially all of the restrictive covenants and the covenants regarding mergers and consolidations, eliminate certain events of default, and modify or eliminate certain other provisions, including certain provisions relating to defeasance. Agreement to the changes is a prerequisite to tendering the Notes.
CITI is acting as lead dealer manager for the Tender Offers and lead solicitation agent for the consent solicitations and DEUTSCHE BANK SECURITIES INC. and MORGAN STANLEY are co-dealer managers for the Tender Offers and co-solicitation agents for the consent solicitations. GLOBAL BONDHOLDER SERVICES CORP. is the Information Agent for the tender offers and the consent solicitations.