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’Clear Channel sees debt solution
The private equity owners of Clear Channel Communications are confident of winning a stand-off with lenders to the heavily indebted radio and outdoor advertising group, William Eccleshare, the new chief of its international business,
Clear Channel lenders to nix refinancing
Some key lenders to the private equity groups that led the $23.8bn buy-out of Clear Channel Communications plan to reject a proposed debt exchange, hoping to drive the radio and outdoor advertising company towards default and take control of its equity at a steep discount.
Clear Channel bonds a hard sell
Underwriters sold $228m of Clear Channel Communications’s bonds, less than a quarter of the amount the banks, led by Deutsche Bank, had hoped to offload when they brought the deal to the market last week,
Clear Channel shareholders OK buyout
Shareholders in Clear Channel Communications on Thursday approved a $17.9bn takeover by private equity funds Thomas H. Lee Partners and Bain Capital, ending a 20-month effort to take the radio and billboard operator private,
Banks to discount Clear Channel loans
Plans to sell the loans for the leveraged buy-out of Clear Channel Communications beginning with $3bn at 90-91 cents on the dollar show that banks must still offer discounts to unload risky debt from the credit boom.
Snap news
The latest on Friday,
- Expro confirms all cash offer at 1525 per share for Halliburton – statement, FT story
- Suez ends talks with British Energy due to UK takeover rules – statement
- Clear Channel says under terms of amended merger agreement,
Clear Channel, the sequel…?
Just when you thought all those interminable articles about fiendishly complicated Texan law suits and punch-ups between banks and buy-out firms had dried up, the “Clear Channel syndrome” has reared its ugly face again.
Banks on defensive over Clear Channel
US banks will be less willing to finance leveraged buy-outs in light of the revised deal struck by Bain Capital and Thomas H Lee to buy Clear Channel Communications, bankers and private equity executives said Wednesday.
Cut-price deal looms for Clear Channel
Clear Channel Communications, the radio station and outdoor advertising company, confirmed on Monday it was in talks with the banks financing its LBO as speculation grew that an agreement on a lower-priced takeover by buy-out groups Thomas H Lee and Bain was in sight.
Further reading
Elsewhere this morning,
- Investment banks may be abusing the money they are borrowing from the Federal Reserve’s discount window in order to issue dividends, said a top House Democrat.
- “The rating agencies are at the vortex of the storm…
Texas trial for Clear Channel banks
A group of Wall Street banks will face trial in a Texas state court over the collapsed $19bn Clear Channel buy-out after they failed to convince a federal court to take up the case. The ruling marks a setback for the banks,
Clear Channel bankers ask to dismiss action
Clear Channel’s bankers have asked a New York judge to dismiss a lawsuit that has been brought by Bain Capital and Thomas H. Lee, claiming that they were not obliged to provide financing for a $19bn buy-out of the media group because the parties had not yet finalised the terms of a funding agreement.
Clear Channel: Texas hold ‘em
Citigroup, Morgan Stanley, Deutsche Bank, Credit Suisse, RBS and Wachovia had an uncomfortable time in Texas on Thursday. Or rather they would have done, had they actually been in the court of Judge John D Gabriel.
Clear Channel case gets murkier
Banks sued by Clear Channel and its private equity partners, Bain Capital and Thomas H. Lee, over the collapse of a $19bn buy-out are pushing to move the case out of the Texas courts for fear of a hostile reception in the media company’s home state.
Clear Channel deal in tatters
The $19bn buy-out of Clear Channel collapsed Wednesday as the US media group and private equity firms, Bain Capital and Thomas H Lee, filed suits accusing their banks of reneging on financing commitments and calling on them to provide $22bn in funding.
Talks stall in Clear Channel buy-out
Clear Channel’s proposed $19bn buy-out was on increasingly shaky ground Tuesday as private equity firms and banks remained at loggerheads over terms of the deal’s financing. Neither side had been in contact for the past few days,
Credit Swiz?
Sneaky but sensible. In these troubled times it’s every bank for itself. And some are playing fast and loose in the fight to stay ahead. Or rather, fast and ruthless.
So, perhaps, the put upon loan-syndicate peers of Credit Suisse would have you believe.
Clear Channel buy-out doubts grow
The $19.5bn leveraged buy-out of Clear Channel Communications, the US radio and outdoor advertising group, could be the next victim of the storm in the deal world. Scepticism that Thomas H. Lee and Bain Capital will go through with their purchase on the original terms has been fed by the falling share prices of comparable companies.
Clear Channel to sell 56 TV stations
Providence Equity Partners, the US buy-out group, agreed on Friday to buy 56 television stations from Clear Channel Communications for $1.2bn, taking advantage of the radio station group’s efforts to streamline its business ahead of a sale.
Private equity blinks first in Clear Channel bid
Clear Channel Communications, the largest US radio station chain, on Wednesday accepted a higher bid from a consortium of buy-out firms in a move that some say could salvage the largest private equity takeover in the media industry from collapse.
Clear Channel saga highlights tension between hedge funds, buy-out firms
Activist hedge fund managers, who like to shake up public companies, and private equity firms, which often relieve the pressure by taking those same businesses private, are increasingly clashing over the issue of valuation of deals.
Clear Channel $26bn bid in doubt
Bain Capital and Thomas H Lee Partners could see their $26bn acquisition of Clear Channel Communications unravel this week, barring last-minute moves to salvage the deal. The two private equity groups agreed to acquire the largest chain of US radio stations last November for $37.60 per share.