Clear Channel Makes $750 Million Private Offering

Offering

CLEAR CHANNEL COMMUNICATIONS is making a private offering of $750 million in Priority Guarantee Notes due 2022.  The notes are backed on a senior secured basis by parent CLEAR CHANNEL CAPITAL I, LLC and all of CCU's existing and future material wholly-owned domestic restricted subsidiaries.

The proceeds will be used to prepay at par value $729 million of currently outstanding loans under its term loan B facility and $12.1 million of term loan C debt, plus prepayment fees and expenses.

The Notes and related guarantees will be secured by a lien on CCU capital stock and other property that does not constitute “principal property,” and a lien on the accounts receivable and related assets securing CCU’s receivables-based credit facility, junior in priority to the lien securing CCU’s obligations to that facility.

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