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Published on 1/21/2009 in the Prospect News High Yield Daily.

Clear Channel picks PIK interest for 11%/11¾% toggle notes

By Angela McDaniels

Tacoma, Wash., Jan. 21 - Clear Channel Communications, Inc. said it will pay interest in kind on its $1.33 billion 11%/11¾% senior toggle notes due 2016 for the interest period beginning Feb. 1.

PIK interest is now the default method of payment for future interest periods unless the company elects otherwise, according to an 8-K filing with the Securities and Exchange Commission.

For each interest period, Clear Channel can decide to pay interest entirely in cash, entirely in kind or half in cash and half in kind.

Clear Channel is a San Antonio-based radio and outdoor display advertising company.


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