March 2008
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 "CCU Notes") and Clear Channel's subsidiary AMFM Operating Inc.'s ("AMFM") previously announced tender offer for its outstanding 8% Senior Notes due 2008 (CUSIP No. 158916AL0) (the "AMFM Notes" and, collectively with the CCU Notes, the "Notes"), Clear Channel announced that it has extended the date on which the pricing for the Notes will be established (the "Price Determination Date") from 2:00 p.m. New York City time on March 6, 2008 to 2:00 p.m. New York City time on March 14, 2008.
The date on which the tender offers are scheduled to expire (the "Offer Expiration Date") from 8:00 a.m. New York City time on March 10, 2008 to 8:00 a.m. New York City time on March 18, 2008 and the consent payment deadline for the Notes (the "Consent Payment Deadline") from 8:00 a.m. New York City time on March 10, 2008 to 8:00 a.m. New York City time on March 18, 2008. Each of the Price Determination Date, the Offer Expiration Date and the Consent Payment Deadline is subject to extension by Clear Channel, with respect to the CCU Notes, and AMFM, with respect to the AMFM Notes, in their sole discretion.
Clear Channel previously announced on January 2, 2008, that it had received, pursuant to its previously announced tender offer and consent solicitation for the CCU Notes, the requisite consents to adopt the proposed amendments to the CCU Notes and the indenture governing the CCU Notes applicable to the CCU Notes, and that AMFM had received, pursuant to its previously announced tender offer and consent solicitation for the AMFM Notes, the requisite consents to adopt the proposed amendments to the AMFM Notes and the indenture governing the AMFM Notes. The Clear Channel tender offer and consent solicitation is being made pursuant to the terms and conditions set forth in the Clear Channel Offer to Purchase and Consent Solicitation Statement for the CCU Notes dated December 17, 2007, and the related Letter of Transmittal and Consent. The AMFM tender offer and consent solicitation is being made pursuant to the terms and conditions set forth in the AMFM Offer to Purchase and Consent Solicitation Statement for the AMFM Notes dated December 17, 2007, and the related Letter of Transmittal and Consent. Further details about the terms and conditions of the tender offers and consent solicitations are set forth therein.
Clear Channel has retained Citi to act as the lead dealer manager for the tender offers and lead solicitation agent for the consent solicitations and Deutsche Bank Securities Inc. and Morgan Stanley & Co. Incorporated to act as co-dealer managers for the tender offers and co-solicitation agents for the consent solicitations. Global Bondholder Services Corporation is the Information Agent for the tender offers and the consent solicitations.
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