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Friday, August 28, 2009

Clear Channel successfully buys back more than $400 million of its debt

The original target for the tender offer for six different issues of debt was $300 million, and although the company says “there were no 10.75% notes validly tendered”, it accepted more than $410 million in principal amount for the other five. That included nearly $200 million of its 5.50% notes due 2014 – for which it’s paying 30 cents on the dollar. It’s paying 37 cents on the dollar for its 5.75% notes with a principal amount of $117 million. Earlier this month, the New York Post described the discounted offers of 53 cents on the dollar or less as “a shot across the bow” of its lenders. Read the full results of the tender offer here.

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