Extend Existing Terms Loans
Clear Channel Communications, Inc. Announces Expiration of Its Previously Announced Offer to Extend Existing Terms Loans
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San Antonio, Texas - May 23, 2013 - Clear Channel Communications, Inc. (鈥淐CU鈥) announced today the expiration of its previously announced offer to amend CCU鈥檚 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.
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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.
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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鈥檚 option, adjusted LIBOR plus 6.75% or a base rate plus 5.75%.
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