Clear Channel Communications, Inc. Extends the Exchange Offer for Its Senior Notes due 2021
SAN ANTONIO, TX.–(BUSINESS WIRE)–February 12, 2014–Clear Channel Communications, Inc. (“Clear Channel”) announced today that it has further extended its exchange offer of its Senior Notes due 2021, which have been registered under the Securities Act of 1933, as amended, for all outstanding Senior Notes due 2021 (the “outstanding notes”), that were issued and sold by Clear Channel in 2013 in private placement offerings. The exchange offer, originally scheduled to expire on January 31, 2014 at 5:00 p.m., New York City time, and previously extended to expire on February 12, 2014 at 5:00 p.m., New York City time, will now expire on February 20, 2014, at 5:00 p.m., New York City time, unless further extended by Clear Channel.
Approximately $1.355 billion in aggregate principal amount, or 73.47%, of the outstanding notes were tendered in the exchange offer as of 5:00 p.m., New York City time, on February 12, 2014. The extension is intended to allow additional time for holders of the remaining outstanding notes to tender their outstanding notes in the exchange offer.
Copies of the exchange offer prospectus and letter of transmittal may be obtained from the exchange agent, Deutsche Bank Trust Company Americas, at 1-800-735-7777, Option 1.
This announcement is not an offer to sell any securities or a solicitation of any offer to buy any securities. The exchange offer will be made only by means of a written prospectus.
About CC Media Holdings, Inc. / Clear Channel Communications, Inc.
CC Media Holdings, Inc. (OTCBB: CCMO), the parent company of Clear Channel Communications, 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. More information is available at www.clearchannel.com.
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 750,000 displays in over 40 countries across five continents, including 48 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 1000 digital billboards across 37 U.S. markets. Clear Channel Outdoor Holdings’ International segment operates in nearly 30 countries across Asia, Australia, Europe and Latin America in a wide variety of formats.
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Certain statements in this release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Various risks that could cause future results to differ from those expressed by the forward-looking statements included in this release include, but are not limited to: changes in business, political and economic conditions in the United States and in other countries in which the Company currently does business (both general and relative to the advertising industry); changes in operating performance; changes in governmental regulations and policies and actions of regulatory bodies; changes in the level of competition for advertising dollars; fluctuations in operating costs; technological changes and innovations; changes in labor conditions; changes in capital expenditure requirements; fluctuations in exchange rates and currency values; the outcome of litigation; fluctuations in interest rates; taxes and tax disputes; shifts in population and other demographics; access to capital markets and borrowed indebtedness; risks relating to the integration of acquired businesses; and risks that we may not achieve or sustain anticipated cost savings. Other unknown or unpredictable factors also could have material adverse effects on the Company’s future results, performance or achievements. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this release may not occur. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this release. Other key risks are described in the Company’s reports and other documents filed with the U.S. Securities and Exchange Commission, including in the section entitled "Item 1A. Risk Factors” of Clear Channel Outdoor Holdings, Inc.’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Except as otherwise stated in this document, the Company does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.