Clear Channel Communications, Inc. Announces Expiration of Its Previously Announced Offer to Extend Existing Terms Loans
San Antonio, Texas - May 23, 2013 - Clear Channel Communications, Inc. (“CCU”) announced today the expiration of its previously announced offer to amend CCU’s cash flow credit facility pursuant to which term loan B lenders and/or term loan C lenders agree to extend the maturity of a portion of their loans due 2016 through the creation of a new term loan D facility. CCU offered to extend up to $5.0 billion
of term loans and also sought to amend its cash flow credit facility to permit CCU to make AHYDO
catch-up payments with respect to certain of its indebtedness.
The offer expired at 5:00 p.m. New York City time on May 22, 2013. The aggregate principal amount of loans submitted for extension was greater than $6.5 billion and consents were received in an aggregate amount in excess of the amount required to effect the other amendments.
The new extended term loans will have the same security and guarantee package as the outstanding term loans B and C and will mature in January 2019. Borrowings under the new extended term loans will bear interest at a rate equal to, at CCU’s option, adjusted LIBOR plus 6.75% or a base rate plus 5.75%.
About iHeartMedia, Inc./iHeartCommunications, Inc.
iHeartMedia, Inc (PINK: IHRT), the parent company of iHeartCommunications, Inc., is one of the leading global media and entertainment companies. The company specializes in radio, digital, outdoor, mobile, social, live events, on-demand entertainment and information services for local communities, and uses its unparalleled national reach to target both nationally and locally on behalf of its advertising partners. The company is dedicated to using the latest technology solutions to transform the company’s products and services for the benefit of its consumers, communities, partners and advertisers, and its outdoor business reaches over 35 countries across five continents, connecting people to brands using innovative new technology.
About Clear Channel Outdoor Holdings, Inc.
Clear Channel Outdoor Holdings, Inc., (NYSE: CCO) is one of the world’s largest outdoor advertising companies, with more than 650,000 displays in over 35 countries across five continents, including 43 of the 50 largest markets in the United States. Clear Channel Outdoor Holdings offers many types of displays across its global platform to meet the advertising needs of its customers. This includes a growing digital platform that now offers over 1,050 digital billboards across 29 U.S. markets. Clear Channel Outdoor Holdings’ International segment operates in 22 countries across Asia, Australia and Europe in a wide variety of formats.