Clear Channel to draw on delayed-draw term loan to fund note repurchase

By Angela McDaniels

Tacoma, Wash., Dec. 9 - Clear Channel Communications, Inc. said it will fund the repurchase of some notes using borrowings under its $1.25 billion delayed-draw term loan facility.

The draw will be the second of three allowed under the facility for the purchase, redemption or repayment of Clear Channel's 7.65% senior notes due 2010, according to a company news release. The company can use up to $750 million of the facility for such repurchases, and the remainder is available to purchase or repay its 4¼% senior notes due 2009.

The repurchase is being made under a tender offer for the 7.65% notes that will expire on Dec. 23. Clear Channel said holders have tendered $239.9 million of the notes so far.

Citi is the administrative agent on the loan facility.

Clear Channel is a San Antonio-based radio and outdoor display advertising company.

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