Extend Existing Terms Loans
Clear Channel Communications, Inc. Announces Expiration of Its Previously Announced Offer to Extend Existing Terms Loans
San Antonio, Texas - May 23, 2013 - Clear Channel Communications, Inc. (“CCU”) announced today the expiration of its previously announced offer to amend CCU’s cash flow credit facility pursuant to which term loan B lenders and/or term loan C lenders agree to extend the maturity of a portion of their loans due 2016 through the creation of a new term loan D facility. CCU offered to extend up to $5.0 billion
of term loans and also sought to amend its cash flow credit facility to permit CCU to make AHYDO
catch-up payments with respect to certain of its indebtedness.
of term loans and also sought to amend its cash flow credit facility to permit CCU to make AHYDO
catch-up payments with respect to certain of its indebtedness.
The offer expired at 5:00 p.m. New York City time on May 22, 2013. The aggregate principal amount of loans submitted for extension was greater than $6.5 billion and consents were received in an aggregate amount in excess of the amount required to effect the other amendments.
The new extended term loans will have the same security and guarantee package as the outstanding term loans B and C and will mature in January 2019. Borrowings under the new extended term loans will bear interest at a rate equal to, at CCU’s option, adjusted LIBOR plus 6.75% or a base rate plus 5.75%.