Clear Channel's Offer To Amend, Extend Term Loans Ends With Increased Limit Reached

Limit Reached

CLEAR CHANNEL COMMUNICATIONS, INC. has announced that its offer to amend its senior secured credit facility to extend outstanding term loans B and C due JANUARY 2016 until JULY 2019 through the creation of a new term loan E facility has expired effective YESTERDAY (12/11) with the aggregate principal amount of loans submitted for extension exceeding the $1.3 billion limit (as increased yesterday from $1 billion). 

The aggregate principal amount will be prorated among submitting lenders so the total aggregate principal of term loans E will equal $1.3 billion. The transaction is expected to close on or about DECEMBER 18th.

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