Clear Channel Communications, Inc. announced Monday that it is seeking, subject to market and customary conditions, to extend $1.0 billion in aggregate principal amount of outstanding term loans B and C due January 2016 until July 2019.
The new extended term loans will have the same security and guarantee package as the outstanding term loans B, C and D. Consummation of the term loan extension is subject to the satisfaction or waiver of certain conditions, including the submission for extension of at least $1.0 billion in aggregate principal amount of outstanding term loans B and C and other customary closing documentation.
CCU also announced it has commenced a private offer (the "Exchange Offer") to holders of CCU's outstanding 10.75% Senior Cash Pay Notes due 2016 and 11.00%/11.75% Senior Toggle Notes due 2016 to exchange any and all Outstanding Notes for its newly issued Senior Notes due 2021. The New Notes will be issued as "additional notes" under the indenture governing CCU's outstanding Senior Notes due 2021 that were issued on June 21, 2013. New Notes issued upon the initial settlement date for the Exchange Offer will, upon issuance, trade fungibly with the Existing 2021 Notes.