Landmark Bank Deals of 2008

CLEAR CHANNEL COMMUNICATIONS INC.

Issuer: Clear Channel Communications Inc.

Size/Structure: $10.7 billion term B at Libor plus 365 bps, $705.6 million asset sale term C at Libor plus 365 bps, $1.25 billion delayed-draw term loan at Libor plus 365 bps, $690 million receivables-based revolver at Libor plus 240 bps, $1.425 billion term A at Libor plus 340 bps, $2 billion revolver at Libor plus 340 bps

Proceeds: LBO

Lead Banks: Citigroup, Deutsche Bank, Morgan Stanley

• Showed the lack of tolerance in the market for gigantic buyout deals and helped contribute to the massive overhang that kept a lid on secondary prices.

WM. WRIGLEY JR. CO.

Issuer: Wrigley Co.

Size/Structure: $250 million revolver at Libor plus 325 bps, $1 billion term A at Libor plus 325 bps, $3.6 billion term B at Libor plus 350 bps, 3% Libor floor, OID 99

Proceeds: Acquisition

Lead Banks: Goldman Sachs

• Shows market illiquidity as it was done with great terms for its quality, has great sponsors, is very recession resistant, and traded down over 8% in the early fall as a pure sign of selling pressure.

• Should be one of the first deals to trade up to par.

• Will help judge increased tolerance for risk by the way buyers shun that name as the rally picks up steam because its return prospects are not exceptional versus other opportunities.

• Also a guidepost for the primary market - why buy something at 95 when you can buy Wrigley at 93, for example.

BOOZ ALLEN HAMILTON INC.

Issuer: Booz Allen Hamilton Inc.

Size/Structure: $585 million term B at Libor plus 450 bps, 3% Libor floor, OID 98, $100 million revolver at Libor plus 400 bps, $125 million term A at Libor plus 400 bps, OID 98

Proceeds: LBO

Lead Banks: Bank of America, Credit Suisse, Lehman Brothers

• Very successful deal, discount tightened, B loan pricing reverse flexed, and underwriters made money on the transaction.

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