Tom Taylor is talking about this on the front page, below is some of the press release.
CC Media Holdings, Inc. Announces Subsidiary's Tender Offer For Senior Notes
SAN ANTONIO--(BUSINESS WIRE)--CC Media Holdings, Inc. (“CC Media Holdings”), the parent company of Clear Channel Communications, Inc. (“Clear Channel”), announced today that Clear Channel’s indirect, wholly-owned subsidiary, CC Finco, LLC (“CC Finco”), is commencing a cash tender offer (the “Tender Offer”) for up to $200,000,000 aggregate purchase price (the “Maximum Payment Amount”) of Clear Channel’s outstanding 6.25% Senior Notes due 2011 (the “6.25% Notes”), 4.40% Senior Notes due 2011 (the “4.40% Notes”), 5.00% Senior Notes due 2012 (the “5.00% Notes”), 5.75% Senior Notes due 2013 (the “5.75% Notes”), 5.50% Senior Notes due 2014 (the “5.50% Notes”) and 10.75% Senior Cash Pay Notes due 2016 (the “10.75% Notes”) at a purchase price per $1,000 principal amount as set forth in the table below and on the terms and conditions set forth in the CC Finco Offer to Purchase dated July 31, 2009 (the “Offer to Purchase”). The 6.25% Notes, the 4.40% Notes, the 5.00% Notes, the 5.75% Notes, the 5.50% Notes and the 10.75% Notes are referred to herein collectively as the “Notes.”
At any time during the Tender Offer, the Maximum Payment Amount may be increased by CC Finco by an amount not to exceed $100,000,000. Any Notes repurchased pursuant to such increase in the Maximum Payment Amount may be repurchased by CC Finco or another subsidiary of Clear Channel designated by CC Finco, in its sole discretion. CC Finco expects to designate another subsidiary of Clear Channel to purchase some or all of the Notes purchased pursuant to such increase in the Maximum Payment Amount. Any such Notes may be cancelled or remain outstanding and held by CC Finco or such other purchaser, as applicable.
CC Finco will accept for purchase the Notes in accordance with the acceptance priority level in numerical priority order, with Level 1 being the highest priority level, as set forth in the table below. The aggregate amount of any 5.50% Notes and 10.75% Notes to be repurchased will be subject to a maximum payment sublimit of $50,000,000 as described in the Offer to Purchase.
KristenBlogs@allhours
CC Media Holdings, Inc. Announces Subsidiary's Tender Offer For Senior Notes
SAN ANTONIO--(BUSINESS WIRE)--CC Media Holdings, Inc. (“CC Media Holdings”), the parent company of Clear Channel Communications, Inc. (“Clear Channel”), announced today that Clear Channel’s indirect, wholly-owned subsidiary, CC Finco, LLC (“CC Finco”), is commencing a cash tender offer (the “Tender Offer”) for up to $200,000,000 aggregate purchase price (the “Maximum Payment Amount”) of Clear Channel’s outstanding 6.25% Senior Notes due 2011 (the “6.25% Notes”), 4.40% Senior Notes due 2011 (the “4.40% Notes”), 5.00% Senior Notes due 2012 (the “5.00% Notes”), 5.75% Senior Notes due 2013 (the “5.75% Notes”), 5.50% Senior Notes due 2014 (the “5.50% Notes”) and 10.75% Senior Cash Pay Notes due 2016 (the “10.75% Notes”) at a purchase price per $1,000 principal amount as set forth in the table below and on the terms and conditions set forth in the CC Finco Offer to Purchase dated July 31, 2009 (the “Offer to Purchase”). The 6.25% Notes, the 4.40% Notes, the 5.00% Notes, the 5.75% Notes, the 5.50% Notes and the 10.75% Notes are referred to herein collectively as the “Notes.”
At any time during the Tender Offer, the Maximum Payment Amount may be increased by CC Finco by an amount not to exceed $100,000,000. Any Notes repurchased pursuant to such increase in the Maximum Payment Amount may be repurchased by CC Finco or another subsidiary of Clear Channel designated by CC Finco, in its sole discretion. CC Finco expects to designate another subsidiary of Clear Channel to purchase some or all of the Notes purchased pursuant to such increase in the Maximum Payment Amount. Any such Notes may be cancelled or remain outstanding and held by CC Finco or such other purchaser, as applicable.
CC Finco will accept for purchase the Notes in accordance with the acceptance priority level in numerical priority order, with Level 1 being the highest priority level, as set forth in the table below. The aggregate amount of any 5.50% Notes and 10.75% Notes to be repurchased will be subject to a maximum payment sublimit of $50,000,000 as described in the Offer to Purchase.
KristenBlogs@allhours