Clear Channel wraps $412.13 million tender offer for six notes series

By Susanna Moon

Chicago, Aug. 28 - Clear Channel Communications, Inc. subsidiary CC Finco, LLC said it received and accepted $412,131,000 principal amount of five series of notes in its tender offer for six series of Clear Channel's notes.

The tender offer expiration and early tender deadline were midnight ET on Aug. 27. The offer began on July 31.

The notes, their acceptance priority levels and their purchase prices are noted in the table below.

CC Finco said it accepted all of the $20,204,000, or 2.69%, of tendered 6¼% senior notes due 2011; all of the $56,038,000, or 22.42%, of tendered 4.4% senior notes due 2011; all of the $19,949,000, or 6.65%, of tendered 5% senior notes due 2012; all of the $116,395,000, or 23.28%, of tendered 5¾% senior notes due 2013; and all of the $199,545,000, or 26.61%, of tendered 5½% senior notes due 2014.

There were no 10¾% senior cash pay notes due 2016 tendered in the offer.

CC Finco said it plans to help fund payment of the offer with a contribution from Clear Channel.

The purchase price is for each $1,000 principal amount of notes and includes a $30 early tender premium for each note tendered.

The company will pay accrued interest to the settlement date.

The offer was subject to a maximum total purchase price of $200 million for all notes tendered. The subsidiary previously said it had the option to increase the cap by up to $100 million.

The tender offer was conditioned on the satisfaction of some customary conditions, but it was not conditioned on any financing condition.

Goldman, Sachs & Co. (800 828-3182 or 212 357-4692) and Citigroup Global Markets Inc. are the co-lead dealer managers, and Morgan Stanley & Co. Inc., Credit Suisse Securities (USA) LLC and Moelis & Co. are co-dealer managers.

Global Bondholder Services Corp. (212 430-3774 for banks and brokers or 866 470-4200) is the information agent.

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

Clear Channel tender offer

Notes Priority level Offer payment

$750 million of 6¼% senior notes due 2011 1 $530

$250 million of 4.4% senior notes due 2011 1 $490

$300 million of 5% senior notes due 2012 1 $400

$500 million of 5¾% senior notes due 2013 1 $370

$750 million of 5½% senior notes due 2014 2 $300

$796.25 million of 10¾% senior cash pay notes due 2016 3 $320

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.