PE-Backed Clear Channel Seeks $575M To Cut Bank Debt

Law360, New York (February 22, 2013, 7:31 PM EST) -- Clear Channel Communication Inc., the radio network taken private by Thomas H. Lee Partners LP and Bain Capital LLC in 2006, is seeking to raise $575 million in high-yield notes to retire a bank loan, according to a securities filing late Thursday.

The move comes four months after the company, whose long-term debt ticked back above $20 billion at the end of last year, amended its bank agreements to allow it to swap some of its term loan for new debt securities.

The new notes will...
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