CC Debt In High Demand
CLEAR CHANNEL COMMUNICATIONS' pending private offer to exchange up to $2 billion aggregate principal amount of term loans under its cash flow credit facilities for a like principal amount of newly issued CCU 9.0% priority guarantee notes due 2019 (NET NEWS, 10/12) has been oversubscribed. Term loans in excess of $8 billion in aggregate principal amount had been submitted for exchange by the noon, ET, October 19th deadline.
Since the $8 billion of term loans exceeded the private offer of $2 billion, the amount of each lender?s term loans that will be accepted in exchange for Notes will be reduced on a pro rata basis. Consummation of the exchange offer is subject to the satisfaction or waiver of certain conditions, including an amendment to CCU?s cash flow credit facilities becoming effective.
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