Clear Channel Plans Private Note Offering
June 8, 2011 at 4:55 AM (PT)
CLEAR CHANNEL COMMUNICATIONS, INC. plans to offer, subject to market and customary conditions, an additional $750 million in aggregate principal amount of 9.0% priority guarantee notes due 2021, in a private offering that is exempt from registration under the Securities Act of 1933.
The Notes will have identical terms to, and are expected to be treated as a single class with, the $1.0 billion in aggregate principal amount of 9.0% priority guarantee notes due 2021 issued on FEBRUARY 23, 2011.
Of the anticipated proceeds from the issuance of the notes, CCU intends to use $250 million to repay at maturity a portion of CCU's 5% legacy notes which mature in MARCH 2012 and the remaining $500 million for general corporate purposes (to replenish cash on hand that CCU previously used to pay legacy notes at maturity on MARCH 15, 2011 and May 15, 2011).