-
Clear Channel Looks To Extend Existing Term Loans; Sets Proposed Private Notes Exchange Offer
November 25, 2013 at 1:35 PM (PT)
What do you think? Add your comment below. -
CLEAR CHANNEL COMMUNICATIONS, INC. (CCU) seeks more time for it's upcoming loans, and is looking to extend $1.0 billion in aggregate principal amount of outstanding term loans B and C due JANUARY 2016 until JULY 2019, with the same security and guarantee package as the outstanding term loans B, C and D.
CCU also announced that it has commenced a private offer to holders of CCU's outstanding 10.75% Senior Cash Pay Notes due 2016 and 11.00%/11.75% Senior Toggle Notes due 2016 to exchange any and all Outstanding Notes for its newly issued Senior Notes due 2021. The New Notes will be issued as "additional notes" under the indenture governing CCU's outstanding Senior Notes due 2021 that were issued on JUNE 21, 2013. New Notes issued upon the initial settlement date for the Exchange Offer will, upon issuance, trade fungibly with the Existing 2021 Notes.