Clear Channel Launches Note Buyback
July 31, 2009 at 5:56 PM (PT)
CLEAR CHANNEL subsidiary CC FINCO, LLC has launched a cash tender offer for up to $200,000,000 aggregate purchase price of CLEAR CHANNEL's outstanding 6.25% Senior Notes due 2011, 4.40% Senior Notes due 2011, 5.00% Senior Notes due 2012, 5.75% Senior Notes due 2013, 5.50% Senior Notes due 2014, and 10.75% Senior Cash Pay Notes due 2016. The offer ranges from $500 per $1,000 principal amount for the 2011 notes to $279 per $1,000 principal amount for the 2013 notes, with an early tender premium of $30 per $1,000 principal amount. The company has reserved the right to increase the aggregate buyback amount by up to another $100,000,000.
The offer is set to expire at midnight ET AUGUST 27th unless extended. Notes tendered can be withdrawn before 5p ET SUGUST 13th.