Clear Channel extends, boosts bond buyback


An offer to buy back up to $200 million of the outstanding bonds of Clear Channel Communications’ CC Finco subsidiary had been scheduled to expire on Thursday, but now it’s been extended for two more weeks. And the terms have been changed slightly.

As announced at the beginning of the month, Clear Channel is offering to buy back part of six different issues of notes, with maturity dates from 2011 through 2016. The tender offers are all being made at deep discounts to face value, so the company will take far more than $200 million of debt off its books if the tenders are successful.

The company didn’t say how many of the notes were tendered by the original deadline of August 13. However, in extending the tenders until August 27th Clear Channel has raised the limit on how many of the 2014 and 2016 notes it will accept, which would appear to indicate that it did not have enough of the nearer-maturity notes tendered to get it to the $200 million maximum. The limit on the tenders of the 2014 and 2016 notes – the only issues of the six to have such limits – has been raised to $65 million each from the previous $50 million.

Goldman Sachs and Citigroup Global Markets are co-lead dealer managers for the tender offer. Morgan Stanley, Credit Suisse Securities and Moelis & Company are co-dealer manager.