286 clearchanne

Clear Channel Communications, Inc. announced it is commencing cash tender offers and consent solicitations for its outstanding 7.65% Senior Notes due 2010 and for AMFM Operating Inc.'s outstanding 8% Senior Notes due 2008. The total consideration for notes tendered includes a consent payment of $30 per $1,000 principal amount for those tendered by an early deadline. The tender offers are conditioned on the closing of Clear Channel's previously announced merger with BT Triple Crown Merger Co., Inc. and are intended to refinance some of Clear Channel's existing debt concurrently with obtaining $18.5 billion in new senior secured credit facilities and issuing $2.6 billion in new senior unsecured notes to fund the