Clear channel communications, inc. announces successful closing of its previously announced offer to extend existing term loans

Clear Channel Communications, Inc. Announces Successful Closing of its Previously Announced Offer to Extend Existing Term Loans 



San Antonio, May 31, 2013. Clear Channel Communications, Inc. (“CCU”) announced today the closing 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 $5.0 billion Term Loan D facility due January 30, 2019. Approximately $6.7 billion in aggregate principal amount of term loans was submitted for extension in the offer and, accordingly, the amount of each lender’s term loans that was accepted for extension was reduced by a proration factor of approximately 74.6808%.  Upon the closing of the offer, CCU’s cash flow credit facility consisted of an approximately $3.0 billion Term Loan B facility which matures on January 30, 2016, an approximately $198.2 million Term Loan C facility which matures on January 30, 2016 and a $5.0 billion Term Loan D facility which matures on January 30, 2019.  Concurrently with the closing of the offer, CCU entered into an amendment to the agreement governing its cash flow credit facility, which permits CCU to make AHYDO catch-up payments beginning in May 2018 with respect to the new Term Loan D facility and any notes issued in connection with CCU’s previously announced exchange offer with respect to its outstanding 10.75% Senior Cash Pay Notes due 2016 and 11.00%/11.75% Senior Toggle Notes due 2016.
The new Term Loan D facility has the same security and guarantee package as the outstanding Term Loans B and C and borrowings under the new Term Loan D facility bear interest at a rate equal to, at CCU’s option, adjusted LIBOR plus 6.75% or a base rate plus 5.75%.
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Extend Existing Terms Loans

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%.
 
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CCU Press Release - Launch of LBO Note Exchange Offer

Clear Channel Communications, Inc. Announces  Proposed Private Offer to Exchange Any and All Outstanding 10.75% Senior Cash Pay Notes Due 2016 and Any and All 11.00% / 11.75% Senior Toggle Notes Due 2016 for Newly Issued Senior Notes Due 2021
 
 
San Antonio, TX, May 21, 2013. Clear Channel Communications, Inc. (“CCU”) announced today that it has commenced a private offer (the “Exchange Offer”) to holders of CCU’s outstanding 10.75% Senior Cash Pay Notes due 2016 (the “Outstanding Cash Pay Notes”) and 11.00%/11.75% Senior Toggle Notes due 2016 (the “Outstanding Toggle Notes” and collectively with the Outstanding Cash Pay Notes, the “Outstanding Notes”) to exchange any and all Outstanding Notes for its newly issued Senior Notes due 2021 (the “New Notes”).  The Exchange Offer, which is only available to holders of Outstanding Notes that have certified their status as (i) both a “qualified institutional buyer” as that term is defined in Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”) and an institutional “accredited investor” as that term is defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act, or (ii) not a “U.S. person” as that term is defined in Rule 902 under the Securities Act (each, an “Eligible Holder”), is being made pursuant to an Offering Circular dated May 21, 2013, and is exempt from registration under the Securities Act.
 
Eligible Holders of Outstanding Notes must submit a letter of transmittal on or prior to 11:59 p.m., New York City time, on June 18, 2013 unless extended (the “Expiration Date”), in order to be eligible to receive New Notes in the Exchange Offer.  A participating holder that tenders Outstanding Notes will receive the following consideration on the closing date of the Exchange Offer:
 
Clear Channel Communications, Inc. Outstanding Notes
to be Exchanged
CUSIP Nos.
Outstanding Aggregate Principal Amount
Consideration for each $1,000 Principal Amount of Outstanding Notes Tendered on or Prior to 5:00 p.m., New York City time, on June 4, 2013, unless extended (the “Early Tender Date”)
Consideration for each $1,000 Principal Amount of Outstanding Notes Tendered After the Early Tender Date
 
Outstanding Cash Pay Notes
 
184502BB7
 
$796,250,000
 
$1,000 of New Notes
 
$950 of New Notes
 
Outstanding Toggle Notes
 
184502BE1
 
$1,282,493,821 (1)
 
$930 of New Notes and
$70 of cash
 
$880 of New Notes and
$70 of cash
 
 
 
 
(1)         Amount includes outstanding toggle notes held by CCU and its subsidiaries.
 
 
 
 
 
Accrued and unpaid interest on accepted Outstanding Notes will be paid in cash on the closing date of the Exchange Offer.  Tenders of Outstanding Notes may be withdrawn prior to 5:00 p.m., New York City time, on June 4, 2013, unless extended by us.
 
Consummation of the Exchange Offer is subject to the satisfaction or waiver of certain conditions, including the receipt of valid tenders of Outstanding Notes, not withdrawn, of at least $500.0 million principal amount (excluding Outstanding Notes held by CCU or any of its affiliates).  CCU reserves the right, in its sole discretion, to waive or modify any one or more of the conditions to the Exchange Offer.
 
Holders of greater than $550.0 million of principal amount of the Outstanding Notes (not including subsidiaries of CCU that hold Outstanding Notes) have agreed to tender their Outstanding Notes in the Exchange Offer.
 
The New Notes will accrue interest at the rate of (i) 12.0% per annum in cash and (ii) 2.0% per annum through the issuance of PIK notes, and will mature on February 1, 2021. 
 
The Outstanding Notes are, and the New Notes will be, fully and unconditionally guaranteed, jointly and severally, on a senior basis by CCU’s parent, Clear Channel Capital I, LLC, and all of CCU’s existing domestic wholly-owned restricted subsidiaries.  
 
The New Notes and related guarantees will be offered only in reliance on exemptions from registration under the Securities Act.  The New Notes and the related guarantees have not been registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from the Securities Act and applicable state securities or blue sky laws and foreign securities laws.
 
Documents relating to the Exchange Offer will only be distributed to holders of the Outstanding Notes that complete and return a letter of eligibility confirming that they are Eligible Holders. Holders of the Outstanding Notes that desire a copy of the eligibility letter may contact D.F. King & Co., Inc., the exchange agent and information agent for the Exchange Offer, by calling toll-free (800) 829-6554 or at (212) 269-5550 (banks and brokerage firms) or visit the website for this purpose at www.dfking.com/ccu.
 
 
 
This press release is for informational purposes only and shall not constitute an offer to sell or exchange nor the solicitation of an offer to buy the New Notes or any other securities.  The Exchange Offer is not being made to any person in any jurisdiction in which the offer, solicitation or sale is unlawful.  Any offers of the New Notes will be made only by means of the Offering Circular.  
 
 
 
Cautionary Note Regarding Forward-Looking Statements
 
This press release contains forward-looking statements based on current CCU management expectations.  These forward-looking statements include all statements other than those made solely with respect to historical facts and include, but are not limited to, statements regarding the Exchange Offer.  Numerous risks, uncertainties and other factors may cause actual results to differ materially from those expressed in any forward-looking statements.  These risks, uncertainties and other factors include, but are not limited to, whether or not CCU will ultimately consummate the Exchange Offer on the terms currently contemplated by the Exchange Offer or otherwise.  Many of the factors that will determine the outcome of the subject matter of this press release are beyond CCU’s ability to control or predict.  CCU undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
 
Contact
 
For further information, please contact:
 
           
 
Media
 
Wendy Goldberg
 
Executive Vice President – Communications
 
(212) 549-0965
 
 
 
Investors
 
Gregory Lundberg
 
Senior Vice President – Investor Relations
 
(212) 549-1717
 
 
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Clear Channel Communications, Inc. Seeking Extensions Of Existing Term Loans As Part Of Its Continuing Capital Structure Improvement Efforts

Clear Channel Communications, Inc. Seeking Extensions Of Existing Term Loans As Part Of Its Continuing Capital Structure Improvement Efforts

San Antonio, May 8, 2013.  Clear Channel Communications, Inc. (“CCU”) announced today that it is  seeking, subject to market and customary conditions, to extend $1.5 billion in aggregate principal amount of outstanding term loans B and C due 2016 until 2018.  The new extended term loans will have the same security and guarantee package as the outstanding term loans B and C.

These efforts are part of the Company’s continuing efforts to optimize its overall capital structure.  It will continue to explore a diverse array of other alternatives including, but not limited to, transactions which would extend maturities of its other debt, whether through a debt-for-debt ex-change or other financing transaction.  Should CCU pursue any such transaction, the terms, tim-ing and structure of any transaction will depend on market conditions, and the amounts involved may be material.  There can be no assurance that any transaction will ultimately be pursued or that any transaction, if pursued, will be successful.

About Clear Channel Communications
Clear Channel Communications, Inc., an indirect subsidiary of CC Media Holdings, Inc. (OTCBB: CCMO), is one of the leading global media and entertainment companies specializing in radio, digital, outdoor, mobile, live events, and on-demand entertainment and information services for local communities and providing premier opportunities for advertisers.

Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements based on current CCU management expectations.  These forward-looking statements include all statements other than those made solely with respect to historical facts.  Numerous risks, uncertainties and other factors may cause actual results to differ materially from those expressed in any forward-looking statements.  Many of the factors that will determine the outcome of the subject matter of this press release are beyond CCU’s ability to control or predict.  CCU undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a re-sult of new information, future events or otherwise.

Media
Wendy Goldberg
Senior Vice President – Communications
(212) 549-0965

Investors
Gregory Lundberg
Senior Vice President – Investor Relations
(212) 549-1717

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CC Media Holdings, Inc. Reports Results For 2013 First Quarter

CC Media Holdings, Inc. Reports Results For 2013 First Quarter

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San Antonio, May 2, 2013…CC Media Holdings, Inc. (OTCBB: CCMO) today reported financial results for the first quarter ended March 31, 2013.

“The strength of our businesses was clear in the company’s solid first quarter results, which included growing returns from our strategic investments in key digital assets,” Chief Executive Officer Bob Pittman said.  “Across the company, we are creating unique, engaging solutions for clients that use our unparalleled multi-platform reach.  With our advertisers, we are innovating new ways to use our assets to reach consumers more effectively wherever they are – which is increasingly out of their homes.  Rather than staying in their connected homes as once predicted, people are now making more mobile connections than ever before.  This trend toward the connected consumer plays to the strengths of Clear Channel in broadcast and digital radio and outdoor displays, and we are beginning to make progress in monetizing it.”

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CC Media Holdings, Clear Channel Communications And Clear Channel Outdoor Holdings Set Date For 2013 First Quarter Earnings Teleconference

CC Media Holdings, Clear Channel Communications And Clear Channel Outdoor Holdings Set Date For 2013 First Quarter Earnings Teleconference

San Antonio, April 26, 2013…CC Media Holdings, Inc. (OTCBB: CCMO), along with its wholly-owned subsidiary, Clear Channel Communications, Inc., and its publicly traded subsidiary, Clear Channel Outdoor Holdings, Inc. (NYSE: CCO), will release 2013 first quarter results after the market closes on Thursday, May 2, 2013 at approximately 4:00 p.m. Eastern Time and will host a conference call to discuss results the same day at 4:30 p.m. Eastern Time. 

The conference call number is 866-233-3841 (U.S. callers) and 612-234-9962 (International callers) and the passcode for both is 290477.  A live audio webcast of the conference call and the related earnings materials, including reconciliations of any non-GAAP financial measures to GAAP financial measures and any other applicable disclosures, will be available on the investor section of the CC Media Holdings, Inc. website (www.clearchannel.com) and the Clear Channel Outdoor Holdings, Inc. website (www.clearchanneloutdoor.com). 

After the live conference call, a replay will be available for a period of thirty days.  The replay numbers are 800-475-6701 (U.S. callers) and 320-365-3844 (International callers) and the passcode for both is 281432.  An archive of the webcast will be available beginning 24 hours after the call for a period of thirty days.

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 28 countries in the International segment across Asia, Australia, Europe, and Latin America, and approximately 108,000 display structures in the Americas segment, covering 49 of the 50 largest US markets.  Clear Channel Outdoor offers a wide range of displays which span traditional and digital formats on roadside billboards, street furniture and in retail, point of sale, airport, transit and lifestyle environments.  More information is available at www.clearchanneloutdoor.com and www.clearchannelinternational.com.

For further information, please contact:

Media
Wendy Goldberg
Senior Vice President – Communications
(212) 549-0965

Investors
Gregory Lundberg
Senior Vice President – Investor Relations
(212) 549-1717

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Clear Channel Communications, Inc. Announces Closing Of Offering Of 11.25% Priority Guarantee Notes Due 2021

Clear Channel Communications, Inc. Announces Closing Of Offering Of 11.25% Priority Guarantee Notes Due 2021

San Antonio, Texas, February 28, 2013. Clear Channel Communications, Inc. (the “Company”) announced today the closing of its previously announced offering of $575,000,000 aggregate principal amount of its 11.25% Priority Guarantee Notes due 2021 (the “Notes”).  The Notes were issued under a new indenture and are not be part of the same class as the Company’s existing priority guarantee notes due 2021.

The Notes are fully and unconditionally guaranteed, jointly and severally, on a senior basis by the Company’s parent, Clear Channel Capital I, LLC, and all of the Company’s existing and future domestic wholly-owned restricted subsidiaries. The Notes and the related guarantees are secured by (1) a lien on (a) the capital stock of the Company and (b) certain property and related assets that do not constitute “principal property” (as defined in the indenture governing the Company’s legacy notes), in each case equal in priority to the liens securing the obligations under the Company’s senior secured credit facilities, priority guarantee notes due 2019 and existing priority guarantee notes due 2021, and (2) a lien on the accounts receivable and related assets securing the Company’s receivables based credit facility junior in priority to the lien securing the Company’s obligations thereunder.

The Company used the net proceeds from the offering, together with the proceeds of borrowings under the Company’s receivables based credit facility and cash on hand, to prepay all $847 million of loans outstanding under its term loan A facility and to pay fees and expenses in connection with the offering.

The Notes and related guarantees were only offered to “qualified institutional buyers” in reliance on the exemption from registration pursuant to Rule 144A under the Securities Act and to persons outside of the United States in compliance with Regulation S under the Securities Act. The Notes and the related guarantees were not registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from the Securities Act and applicable state securities or blue sky laws and foreign securities laws.

About Clear Channel Communications
Clear Channel Communications, Inc. is one of the leading global media and entertainment companies specializing in radio, digital, outdoor, mobile, live events and on-demand entertainment and information services for local communities and providing premier opportunities for advertisers.
 
Contact
For further information, please contact:

Media
Wendy Goldberg
Senior Vice President – Communications
(212) 549-0965

Investors
Gregory Lundberg
Senior Vice President – Investor Relations
(212) 549-1717

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Clear Channel Communications, Inc. Announces Pricing Of Offering Of 11.25% Priority Guarantee Notes Due 2021

Clear Channel Communications, Inc. Announces Pricing Of Offering Of 11.25% Priority Guarantee Notes Due 2021

San Antonio, February 21, 2013... Clear Channel Communications, Inc. (“CCU”) announced today the pricing of its previously announced offering of $575,000,000 aggregate principal amount of its 11.25% Priority Guarantee Notes due 2021 (the “Notes”).  The Notes will be issued under a new indenture and will not be part of the same class as CCU’s existing priority guarantee notes due 2021. 

The Notes will be fully and unconditionally guaranteed on a senior basis by CCU’s parent, Clear Channel Capital I, LLC, and all of CCU’s existing and future wholly-owned domestic restricted subsidiaries.  The Notes and the related guarantees will be secured by (1) a lien on (a) the capital stock of CCU and (b) certain property and related assets that do not constitute “principal property” (as defined in the indenture governing CCU’s legacy notes), in each case equal in priority to the liens securing the obligations under CCU’s senior secured credit facilities, priority guarantee notes due 2019 and existing priority guarantee notes due 2021 and (2) a lien on the accounts receivable and related assets securing CCU’s receivables based credit facility junior in priority to the lien securing CCU’s obligations thereunder.

CCU intends to use the proceeds of this offering together with the proceeds of borrowings under CCU’s receivables based credit facility and cash on hand, to prepay all $847 million of loans outstanding under its term loan A facility and to pay fees and expenses in connection with the offering.

The Notes and related guarantees will be offered only to “qualified institutional buyers” in reliance on the exemption from registration pursuant to Rule 144A under the Securities Act and to persons outside of the United States in compliance with Regulation S under the Securities Act. The Notes and the related guarantees have not been registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from the Securities Act and applicable state securities or blue sky laws and foreign securities laws.

This press release is for informational purposes only and shall not constitute an offer to sell nor the solicitation of an offer to buy the Notes or any other securities. The Notes offering is not being made to any person in any jurisdiction in which the offer, solicitation or sale is unlawful.

About Clear Channel Communications
Clear Channel Communications, Inc. is one of the leading global media and entertainment companies specializing in radio, digital, outdoor, mobile, live events and on-demand entertainment and information services for local communities and providing premier opportunities for advertisers.
 
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements based on current CCU management expectations.  These forward-looking statements include all statements other than those made solely with respect to historical facts.  Numerous risks, uncertainties and other factors may cause actual results to differ materially from those expressed in any forward-looking statements. Many of the factors that will determine the outcome of the subject matter of this press release are beyond CCU’s ability to control or predict. CCU undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
 
Contact
For further information, please contact:

Media
Wendy Goldberg
Senior Vice President – Communications
(212) 549-0965

Investors
Gregory Lundberg
Senior Vice President – Investor Relations
(212) 549-1717

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Clear Channel Communications, Inc. Announces Proposed Private Offering Of $500.0 Million Of Priority Guarantee Notes Due 2021

Clear Channel Communications, Inc. Announces Proposed Private Offering Of $500.0 Million Of Priority Guarantee Notes Due 2021

San Antonio, February 21, 2013. Clear Channel Communications, Inc. (“CCU”) announced today that it intends to offer, subject to market and customary conditions, $500.0 million in aggregate principal amount of priority guarantee notes due 2021 (the “Notes”) in a private offering that is exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”).  The Notes will be fully and unconditionally guaranteed on a senior basis by CCU’s parent, Clear Channel Capital I, LLC, and all of CCU’s existing and future wholly-owned domestic restricted subsidiaries.  The Notes and the related guarantees will be secured by (1) a lien on (a) the capital stock of CCU and (b) certain property and related assets that do not constitute “principal property” (as defined in the indenture governing CCU’s legacy notes), in each case equal in priority to the liens securing the obligations under CCU’s senior secured credit facilities, priority guarantee notes due 2019 and existing priority guarantee notes due 2021 and (2) a lien on the accounts receivable and related assets securing CCU’s receivables based credit facility junior in priority to the lien securing CCU’s obligations thereunder.  The Notes will be issued under a new indenture and will not be part of the same class as CCU’s existing priority guarantee notes due 2021.
 
CCU intends to use the proceeds of this offering together with the proceeds of borrowings under CCU’s receivables based credit facility and cash on hand, to prepay all $847 million of loans outstanding under its term loan A facility and to pay fees and expenses in connection with the offering.

The Notes and related guarantees will be offered only to “qualified institutional buyers” in reliance on the exemption from registration pursuant to Rule 144A under the Securities Act and to persons outside of the United States in compliance with Regulation S under the Securities Act. The Notes and the related guarantees have not been registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from the Securities Act and applicable state securities or blue sky laws and foreign securities laws.

This press release is for informational purposes only and shall not constitute an offer to sell nor the solicitation of an offer to buy the Notes or any other securities. The Notes offering is not being made to any person in any jurisdiction in which the offer, solicitation or sale is unlawful. Any offers of the Notes will be made only by means of a private offering circular.

About Clear Channel Communications
Clear Channel Communications, Inc. is one of the leading global media and entertainment companies specializing in radio, digital, outdoor, mobile, live events and on-demand entertainment and information services for local communities and providing premier opportunities for advertisers.
 
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements based on current CCU management expectations. These forward-looking statements include all statements other than those made solely with respect to historical facts. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those expressed in any forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, whether or not CCU will consummate the offering, and if it does, the terms of the Notes and the size, timing and use of proceeds of the offering.  Many of the factors that will determine the outcome of the subject matter of this press release are beyond CCU’s ability to control or predict. CCU undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

Contact

For further information, please contact:

Media
Wendy Goldberg
Senior Vice President – Communications
(212) 549-0965

Investors
Gregory Lundberg
Senior Vice President – Investor Relations
(212) 549-1717

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Investor - iHeartMedia

CC Media Holdings, Inc. Reports Results For 2012 Fourth Quarter And Full Year

CC Media Holdings, Inc. Reports Results For 2012 Fourth Quarter And Full Year

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San Antonio, Texas, February 19, 2013...CC Media Holdings, Inc. (OTCBB: CCMO) today reported financial results for the fourth quarter and full year ended December 31, 2012.

“We are very pleased with our Company’s progress in strengthening our businesses over the past year, and we look forward to continuing our momentum into 2013,” Chief Executive Officer Bob Pittman said. “We have put the right management team in place to focus on bringing new advertising dollars to the sector by demonstrating the value of our assets – especially our unique national platform across the media, entertainment and outdoor marketplaces. Moving forward, we will continue to use our unmatched national reach to grow our digital platforms, expand and deepen our relationships with national and local advertisers, launch innovative products and services and stage new and exciting events as only Clear Channel can.”

“Despite the slow economic recovery, we delivered a solid financial performance for the 2012 fourth quarter and full year,” Tom Casey, Executive Vice President and Chief Financial Officer, said. “At Clear Channel Media and Entertainment, we continued to outpace the competition in national advertising, digital, and total revenues. At Outdoor, the Americas’ progress in digital, airports and national advertising was encouraging, while International saw strength in emerging markets. Across the entire company, we remain aggressively focused on realigning our resources toward higher growth areas. 2012 was also an important year for capital markets activity, with $7.5 billion of debt raised at Clear Channel Communications and Clear Channel Worldwide Holdings in four separate transactions. Clear Channel Worldwide Holdings used proceeds for debt repayment and shareholder returns and Clear Channel Communications not only repaid debt but also gained important new flexibility to better manage liquidity and future maturities.”

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