Clear Channel Closes On $750 Million Note Offering
June 14, 2011 at 8:23 AM (PT)
CLEAR CHANNEL COMMUNICATIONS, INC. has closed on its offering of $750 million aggregate principal amount of its 9.0% Priority Guarantee Notes due 2021. The notes were issued at a price of 93.845% of their principal amount plus accrued interest from FEBRUARY 23rd, with identical terms to, and treated as a single class with, the $1 billion in aggregate principal amount of 9.0% Priority Guarantee Notes due 2021 issued on FEBRUARY 23rd.
The company intends to use $203.8 million of the proceeds to repay at maturity a portion of its 5% legacy notes maturing in MARCH 2012 and the remaining $500 million for general corporate purposes (to replenish cash on hand that it previously used to pay legacy notes at maturity on MARCH 15 and MAY 15, 2011).