Clear Channel tenders for 7.65% notes

New York, Aug. 7 - Clear Channel Communications, Inc. said it has begun a cash tender offer and consent solicitation for its $750 million of 7.65% senior notes due 2010.

The San Antonio-based radio and outdoor display advertising company is offering $960.00 per $1,000 principal amount, including a $30.00 consent payment that will only be paid for notes tendered by the consent deadline of 5 p.m. ET on Aug. 21.

The tender ends at 8 a.m. ET on Sept. 5.

Clear Channel is seeking consents to amend the notes to eliminate substantially all of the restrictive covenants and the covenants regarding mergers and consolidations, eliminate certain events of default, and modify or eliminate other provisions, including certain provisions relating to defeasance.

Holders cannot tender without delivering consents or vice versa.

The company needs consents from holders of a majority of the outstanding notes.

Completion of the tender is not subject to the receipt of consents.

Citi is lead dealer manager and lead solicitation agent (800 558-3745 or call collect 212 723-6106) with Deutsche Bank Securities Inc. and Morgan Stanley & Co. Inc. as co-dealer managers and co-solicitation agents. Global Bondholder Services Corp. is the information agent (banks and brokers call 212430-3774, others 866 924-2200).

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