Clear Channel Successfully Completes Debt Exchange Offer

Completes Debt Exchange Offer

CLEAR CHANNEL COMMUNICATIONS has closed on its previously announced (NET NEWS 10/22) private offer to exchange up to $2.0 billion aggregate principal amount of term loans under its cash flow credit facilities for a like principal amount of newly issued CCU 9.0% priority guarantee notes due 2019.

Concurrently with the closing of the exchange offer, CCU entered into an amendment to the agreement governing its cash flow credit facilities.

"We are pleased with the success of this debt transaction and gratified that it was so significantly oversubscribed," said EVP/CFO TOM CASEY. "We appreciate the support from our sponsors and our lenders for the amendments to our credit facilities that made this transformational transaction possible. As the latest step in our continuing refinancing strategy, it will also provide us greater flexibility to manage our debt maturities in the future. We believe that this transaction reflects investor confidence in the Company’s business strategy and performance."

« see more Net News