Deliver Your News to the World

Clear Channel Announces Extension of the Consent Payment Deadline in its Tender Offer and Consent Solicitation for Senior Notes


WEBWIRE

In connection with Clear Channel Communications, Inc.’s (“Clear Channel”) previously announced tender offer for its outstanding 7.65% Senior Notes due 2010 (CUSIP No. 184502AK8) (the “Notes”), Clear Channel announced today that it has extended the Consent Payment Deadline related to the Notes from 5:00 p.m., New York City time, on August 21, 2008 to 8:00 a.m., New York City time, on September 5, 2008. Holders of Notes who validly tender their Notes at or prior to the Consent Payment Deadline will be eligible to receive the tender offer consideration of $930.00 per $1,000 principal amount of such Notes accepted for purchase, plus the consent payment of $30.00 per 1,000 principal amount of such Notes. The Consent Payment Deadline is subject to further extension by Clear Channel in its sole discretion.

The Withdrawal Date relating to the tender offer occurred at 5:00 p.m., New York City time, on August 21, 2008. Tendered Notes may not be withdrawn hereafter, except in certain limited circumstances where additional withdrawal rights are required by law (as determined by Clear Channel). The tender offer will expire at 8:00 a.m., New York City time, on September 5, 2008, unless earlier terminated or extended.

The tender offer and consent solicitation is made upon the terms and conditions set forth in the Offer to Purchase and the related Consent and Letter of Transmittal dated August 7, 2008. The completion of the tender offer is not conditioned upon the receipt of the requisite consents or the adoption of the proposed amendments. If any of the conditions are not satisfied or waived, Clear Channel is not obligated to accept for payment, purchase or pay for, and may delay the acceptance for payment of, any tendered Notes, or may terminate the tender offer.

Clear Channel has retained Citi to act as the lead dealer manager for the tender offer and lead solicitation agent for the consent solicitation and Deutsche Bank Securities Inc. and Morgan Stanley & Co. Incorporated to act as co-dealer managers for the tender offer and co-solicitation agents for the consent solicitation. Global Bondholder Services Corporation is the Information Agent for the tender offer and the consent solicitation. Questions regarding the tender offer should be directed to Citi at (800) 558-3745 (toll-free) or (212) 723-6106 (collect). Requests for documentation should be directed to Global Bondholder Services Corporation at (212) 430-3774 (for banks and brokers only) or (866) 924-2200 (for all others toll-free).

This announcement is for informational purposes only. This announcement is not an offer to purchase, a solicitation of an offer to purchase or a solicitation of consent with respect to any Notes. The tender offer and consent solicitation are being made solely pursuant to the Offer to Purchase and related documents. The tender offer and consent solicitation are not being made to holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the securities laws or blue sky laws require the tender offer and consent solicitation to be made by a licensed broker or dealer, the tender offer and consent solicitation will be deemed to be made on behalf of Clear Channel by one or more of the dealer managers, or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.



WebWireID73180





This news content was configured by WebWire editorial staff. Linking is permitted.

News Release Distribution and Press Release Distribution Services Provided by WebWire.