Monday, September 8, 2014
Clear Channel Buying More Time On Servicing Debt
Clear Channel Communications Inc. is delaying more of its debt. According to mysanantonio.com, the company said Friday it intends to offer $750 million in Priority Guarantee Notes due 2022 in a private offering.
The notes will be fully and unconditionally guaranteed on a senior secured basis by Clear Channel Communication’s parent, Clear Channel Capital I LLC, and all of Clear Channel’s existing and future material wholly owned domestic restricted subsidiaries.
Clear Channel intends to use the gross proceeds from this offering to prepay $729 million of the loans outstanding under its term loan B facility and $12.1 million of the loans outstanding under its term loan C-asset sale facility, to pay accrued and unpaid interest with regard to such loans to, but not including, the date of prepayment, and to pay fees and expenses related to the offering and the repayment.
The notes and the related guarantees will be offered only to “qualified institutional buyers.”
Posted 4:00:00 AM