Media
Company Overview of Clear Channel Capital I, LLC
Company Overview
200 East Basse Road
San Antonio, TX 78209
United States
20,800 Employees
Phone:
210-822-2828
Key Executives for Clear Channel Capital I, LLC
Clear Channel Capital I, LLC Key Developments
On May 31, 2013, CC Media Holdings, Inc. and Clear Channel Capital I, LLC entered into an amendment to its cash flow credit facility with each of the parties thereto. Pursuant to the Amendment, certain Term Loan B lenders and Term Loan C lenders agreed to extend a portion of their loans due 2016 through the creation of a new $5.0 billion Term Loan D facility due January 30, 2019. The Amendment also permits the company to make AHYDO catch-up payments beginning in May 2018 with respect to the new Term Loan D facility and any notes issued in connection with the company's previously announced exchange offer with respect to its outstanding 10.75% Senior Cash Pay Notes due 2016 and 11.00%/11.75% Senior Toggle Notes due 2016. Upon the closing of the offer, the company's cash flow credit facility consisted of an approximately $3.0 billion Term Loan B facility which matures on January 30, 2016, an approximately $198.2 million Term Loan C facility which matures on January 30, 2016 and a $5.0 billion Term Loan D facility which matures on January 30, 2019. The new Term Loan D facility has the same security and guarantee package as the outstanding Term Loans B and C and borrowings under the new Term Loan D facility bear interest at a rate equal to, at the company's option, adjusted LIBOR plus 6.75% or a base rate plus 5.75%.
Clear Channel Capital I, LLC announced that Randall T. Mays did not stand for re-election as a member of the Board of Directors of CC Media Holdings, Inc., the company’s indirect parent entity, and ceased to be a director of CC Media Holdings, Inc. on May 17, 2013. In connection with ceasing to be a director of CC Media Holdings, Inc., Mr. Mays resigned as a member of the company’s Board of Managers on May 17, 2013 and the size of the company’s Board of Managers was reduced from 13 to 12.
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