Clear Channel Sells $1 Billion In Notes
February 16, 2011 at 4:23 AM (PT)
Last week, CLEAR CHANNEL COMMUNICATIONS announced it was looking to get amendments to its senior secured credit facilities and its receivables-based credit facility to allow the company to ask for future extensions of the maturities of its senior secured credit facilities, have greater flexibility in the use of its accordion provisions, get more flexibility to incur new debt to pay down existing debt, and have greater flexibility for CLEAR CHANNEL OUTDOOR HOLDINGS, INC. to incur new debt (NET NEWS 2/7).
CLEAR CHANNEL has received those amendments.
YESTERDAY (2/15), the company sold $1 billion of priority guaranteed notes in the 144a private placement market, said IFR, a THOMSON REUTERS service. REUTERS reports "the deal was increased from a planned $750 million. GOLDMAN SACHS, CITIGROUP, CREDIT SUISSE, DEUTSCHE BANK, MORGAN STANLEY, RBS and WELLS FARGO SECURITIES were the joint bookrunning managers for the sale."