CC Extends, Changes Tender Offer
December 9, 2008 at 6:03 AM (PT)
CLEAR CHANNEL COMMUNICATIONS says that it has received tenders of $239,902,000 aggregate principal amount of 7.65% Senior Notes due 2010 pursuant to its tender offer and is amending the Offer to eliminate the $200 million limit and "Dutch auction" pricing; it is now offering to buy back any and all outstanding Notes for $650 per $1,000 principal amount plus accrued and unpaid interest.
The company has extended the early participation date for the Notes from 5p ET DECEMBER 8th to 8a ET DECEMBER 23rd. CLEAR CHANNEL intends to fund payment for the Notes with the second of three borrowings under its existing delayed draw term loan facility.
CITI is acting as dealer manager for the offer, with GLOBAL BONDHOLDER SERVICES CORP. as information agent and depositary.