Clear Channel increases term loan E size to $1.3 billion

By Sara Rosenberg

New York, Dec. 10 - Clear Channel Communications Inc. upsized its term loan E (Caa1/CCC+/CCC) due July 2019 to up to $1.3 billion from $1 billion, according to a news release.

Pricing on the term loan E continues to be Libor plus 750 basis points with no Libor floor and a par offer price.

Recommitments are due at 4 p.m. ET on Wednesday, the news release said.

Goldman Sachs Bank USA, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc. and Wells Fargo Securities LLC are the lead banks on the deal.

Proceeds will be used to extend term loan B and C debt due January 2016 that is priced at Libor plus 365 bps.

The new extended term loan will have the same security and guarantee package as the outstanding term loans B, C and D.

Closing is expected around Dec. 16.

Clear Channel is a San Antonio-based media and entertainment company.

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