Clear Channel Communications, Inc. http://www.alacrastore.com/company-snapshot/Clear_Channel_Communications_Inc-1003715 Sunday, November 23, 2008 3:36:31 PM 1003715 Clear Channel Communications, Inc. en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/cs/75508cs/75508norm Corporate Issuers, Cash Needs, and Market Risk The ability to issue debt remains a challenge as the gradual de-thawing of interbank funding and modest recovery of the commercial paper market is unlikely to resurrect "normal" credit...2247Yes0Article17252142070194519517321978120612717814948818434491211302111984155231223863125191322195095593375508D11222021855127212345517331157138193114111717972009550corpstrategyhy12986Strategy Credit Trends89Strategy Most Read Research42High Yield96Loan Market44Strategy Special Reports10/27/2008 12:05:00 AM150Corporate debt issuers continue to face cash needs for reasons ranging from debt maturities to growth capex to plugging the negative cash flow gap tied to cyclically weak earnings. We highlight some issuers who are feeling the pressure.75508Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/73154cs/73154norm Clear Channel Communications Inc #Q## Tearsheet Clear Channel's LBO lifted leverage to extreme levels, but the financial covenants give the company plenty of room.Radio will continue to lose listeners, which puts pressure on free cash...73154603YesC21Tearsheet933tearsheets/premium139/10/2008 10:06:29 PM15073154Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/73502cs/73502norm Clear Channel ##Q Cut: Domestic Doldrums Clear Channel's radio business performed in line with the industry, meaning the group suffered from a generalized decline in advertiser demand with most weakness in autos and housing related...735022604YesD0Article9331829corphy1351LBO96Loan Market1810-Q Cuts42High Yield33Capital Structure66Earnings Reports - TMT54Euro Markets Issuers8/21/2008 9:05:06 PM150Clear Channel's radio performance logged about as expected, while Americas Outdoor felt more economic strain than anticipated, we think. International Outdoor sales advanced, but upfront costs hurt profitability. An Outdoor warning?73502Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/fitch/395342_report_framefitch/395342_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Building Materials Holdings CorporationChrysler LLCDole Food Company, Inc.FGIC CorporationNeiman Marcus, Inc.The Neiman Marcus Group, Inc.808673378139345481697665819721268232369583988067857844738/1/2008 6:35:00 PM01010000010300000103010001030300010309000103130001070000275NewsletterBLG395342_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/moodys/PR_160135_820757743moodys/PR_160135_820757743htmlGlobal Credit Research Rating Action ## JUL #### Rating Action: BT Triple Crown Merger Co., Inc. Moody's Downgrades Clear Channel Ratings (Sr. Unsec to Caa#); Assigns B# CFR Approximately $## billion of rated debt affected. New York,...7/31/2008 1:06:56 AMhtmlBT Triple Crown Merger Co., Inc.CCCI Capital Trust IIICCCI Capital Trust IICCCI Capital Trust IChancellor Media Corporation of Los AngelesClear Channel Communications, Inc. (Old)BT Triple Crown Merger Co., Inc.; CCCI Capital Trust I; CCCI Capital Trust II; ...820757743600037068600037067600037066600022734600016686150.0000NewsRating ActionPR_160135_820757743Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/fitch/427297_pr_framefitch/427297_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.813934547/28/2008 2:15:00 PM85Press Release427297_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/moodys/PR_157989_820757743moodys/PR_157989_820757743htmlGlobal Credit Research Rating Action ## JUN #### Rating Action: BT Triple Crown Merger Co., Inc. Moody's Rates BT Triple Crown Merger Co.'s (Clear Channel's LBO) Debt, Clear Channel's Existing Ratings Remain Under Review Approximately...6/25/2008 12:31:12 AMhtmlBT Triple Crown Merger Co., Inc.Clear Channel Communications, Inc.BT Triple Crown Merger Co., Inc.; Clear Channel Communications, Inc.820757743600016686150.0000NewsRating ActionPR_157989_820757743Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/fitch/390448_report_framefitch/390448_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.AmeriGas Partners, L.P.Clear Channel Communications, Inc.Fidelity National Financial, Inc.L-3 Communications CorporationLeucadia National CorporationRite Aid CorporationSix Flags, Inc.SPX CorporationTyson Foods, Inc.800892488009110480091545806632248137365481393454816578728165892082126164822963086/20/2008 6:31:00 PM010100000101020001010207010103000101030801010310010200000102030001030000010301000103010101030300010306000103070001031500275NewsletterAPUCCUFNFLUKRADSIXSPWTSN390448_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/spcred/654829spcred/654829normThe latest News from S&Pglobalstructured6/18/2008 6:24:19 PM100News654829United StatesBroadcasting & Cable TVLatin AmericaUnited StatesAsiaEmerging MarketsEurope, Middle East, AfricaGlobal IssuersStructured FinanceCorporationsCollateralized Debt ObligationsMedia & EntertainmentNewsNEW YORK (Standard&Poor's) June 18, 2008--Standard&Poor's Ratings Services today lowered its corporate credit rating on San Antonio, Texas-based Clear Channel Communications Inc. to 'B' from 'B+' based on the proposed financing of the company's pending leveraged buyout (LBO) by the private equity group co-led by Thomas H. Lee Partners L.P. and Bain Capital Partners LLC. At the same time, we removed all the ratings from CreditWatch, where they had been placed with negative implications on Oct. 26, 2006, following the company's announcement that it was exploring strategic alternatives to enhance shareholder value, including a possible sale of the company. The outlook is stable. "The downgrade reflects Clear Channel's significant pro forma lease-adjusted debt leverage, about 10xUSA18450225401020 254010 2540 25Clear Channel Communications Inc.317505LATAMERICAUSAASIAEMERGINGEUROMIDAFRCCUNEWSGLOBISSSTRUCCORPCDOMediaCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/654830spcred/654830normThe latest Research Update from S&Pglobalstructured6/18/2008 6:24:19 PM175Research Update654830United StatesBroadcasting & Cable TVLatin AmericaUnited StatesAsiaEmerging MarketsEurope, Middle East, AfricaGlobal IssuersStructured FinanceCorporationsCollateralized Debt ObligationsMedia & EntertainmentResearch UpdateOn June 18, 2008, Standard&Poor's Ratings Services lowered its corporate credit rating on San Antonio, Texas-based Clear Channel Communications Inc. to 'B' from 'B+' based on the proposed financing of the company's pending leveraged buyout (LBO) by the private equity group co-led by Thomas H. Lee Partners L.P. and Bain Capital Partners LLC. At the same time, we removed all the ratings from CreditWatch, where they had been placed with negative implications on Oct. 26, 2006, following the company's announcement that it was exploring strategic alternatives to enhance shareholder value, including a possible sale of the company. The outlook is stable. The downgrade reflects Clear Channel's significant pro forma lease-adjusted debt leverage, about 10x during the 12 monthsUSA18450225401020 254010 2540 25Clear Channel Communications Inc.317505LATAMERICAUSAASIAEMERGINGEUROMIDAFRCCURESUPDGLOBISSSTRUCCORPCDOMediaCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/fitch/424089_pr_framefitch/424089_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Clear Channel Communications, Inc.813934546/17/2008 10:18:00 AM010300000103070085Press ReleaseCCU424089_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/cs/69298cs/69298norm Clear Channel Communications Inc #Q## Tearsheet Clear Channel is in the midst of a privatization that will lift debt leverage to extreme levels.Radio will continue to lose listeners, which puts pressure on free cash flow in the long...69298620YesC21Tearsheet933tearsheets/premium136/9/2008 12:06:40 AM15069298Credit & Investment ResearchCreditSightsUS - Red Zebra Broadcasting LLC (RZ) agreed to acquire WTEM AM-###, doing business as SportsTalk ###, an owner and operator of sports radio station, from Clear Channel Communications Inc (CC). Terms were not disclosed. Concurrently, RZ planned to acquire WWRC AM-####, doing business as Progressive Talk ####, and WTNT AM-###, from CC.6/7/2008 11:04:31 AM75788Q84905K75788Q184502Red Zebra Broadcasting LLCWTEM AM-980Red Zebra Broadcasting LLCClear Channel Communications Inchttp://www.alacrastore.com/storecontent/Thomson_M%26A/Red_Zebra_Broadcasting_LLC_acquires_WTEM_AM_980_from_Clear_Channel_Commun_Inc-1984366020sdc/19843660201984366020Copyright © 2008, Thomson Financial, All Rights ReservedRadio and Television Broadcasting StationsUnited StatesRadio broadcasting stations4832MDMarylandPrivate4832:Radio broadcasting stations4832:Radio broadcasting stationsRadio and Television Broadcasting StationsUnited StatesRadio broadcasting stations4832MDMarylandSubsidiary972824001Own,op radio stnOwn,op radio,TV stnUnspecifiedAssets1014577001Jun 7 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.00000Red Zebra Broadcasting ownsand operates radio stations inWashington and Virginia. Thecompany is headquartered inSilver Spring, Maryland.Founded in 2006.Red Zebra Broadcasting owns and operates radio stations inWashington and Virginia. The company is headquartered inSilver Spring, Maryland. Founded in 2006.Red Zebra Broadcasting owns and operates radio stations in Washington and Virginia. The company is headquartered in Silver Spring, Maryland. Founded in 2006.1.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.00000WTEM AM-980, doing business asSportsTalk 980, owns andoperates sports radio stationthat serves the metropolitanWashington, D.C. area. Thecompany is headquartered inRockville, Maryland. Itsflagship radio station forWashington Wizards &Georgetown Hoyas basketball.Founded in 1923.WTEM AM-980, doing business as SportsTalk 980, owns andoperates sports radio station that serves the metropolitanWashington, D.C. area. The company is headquartered inRockville, Maryland. Its flagship radio station forWashington Wizards & Georgetown Hoyas basketball. Founded in1923.WTEM AM-980, doing business as SportsTalk 980, owns and operates sports radio station that serves the metropolitan Washington, D.C. area. The company is headquartered in Rockville, Maryland. Its flagship radio station for Washington Wizards & Georgetown Hoyas basketball. Founded in 1923.0.000000.000000.000000.00000N04 Jun 08Wed, 04 Jun 2008 00:00:00 ESTDate Announced: 06/04/2008Date Effective:Acq. of AssetsFriendly0.000000.000000.000000.000000.000000.00000Price/Share0.0000000.000000.0000000.000000.000000.000000.000000.000000.0000000.00000N0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000100.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.00000US - Red Zebra BroadcastingLLC (RZ) agreed to acquireWTEM AM-980, doing business asSportsTalk 980, an owner andoperator of sports radiostation, from Clear ChannelCommunications Inc (CC). Termswere not disclosed.Concurrently, RZ planned toacquire WWRC AM-1260, doingbusiness as Progressive Talk1260, and WTNT AM-570, fromCC.US - Red Zebra Broadcasting LLC (RZ) agreed to acquire WTEM AM-980, doing business as SportsTalk 980, an owner and operator of sports radio station, from Clear Channel Communications Inc (CC). Terms were not disclosed. Concurrently, RZ planned to acquire WWRC AM-1260, doing business as Progressive Talk 1260, and WTNT AM-570, from CC.US - Red Zebra Broadcasting LLC (RZ) agreed to acquire WTEM AM-980, doing business asSportsTalk 980, an owner and operator of sports radio station, from Clear ChannelCommunications Inc (CC). Terms were not disclosed. Concurrently, RZ planned to acquireWWRC AM-1260, doing business as Progressive Talk 1260, and WTNT AM-570, from CC.US - Red Zebra Broadcasting LLC (RZ) agreed to acquire WTEM AM-980, doing business as SportsTalk 980, an owner and operator of sports radio station, from Clear Channel Communications Inc (CC). Termswere not disclosed. Concurrently, RZ planned to acquire WWRC AM-1260, doing business as Progressive Talk 1260, and WTNT AM-570, from CC.US - Red Zebra Broadcasting LLC (RZ) agreed to acquire WTEM AM-980, doing business as SportsTalk 980, an owner and operator of sportsradio station, from Clear Channel Communications Inc (CC). Terms were not disclosed. Concurrently, RZ planned to acquire WWRC AM-1260,doing business as Progressive Talk 1260, and WTNT AM-570, from CC.Pending0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Pending-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000004832:Radio broadcasting stations972824001United States4832MarylandPrivate4832:Radio broadcasting stations4833:Television broadcasting stations6719:Offices of holding companies, nec7312:Outdoor advertising services23336003New YorkUnited States4832TexasPublicCCU0.000000.000000.000000.00000Deal InformationTF Mergers & AcquisitionsUS - Red Zebra Broadcasting LLC (RZ) agreed to acquire WWRC AM-####, doing business as Progressive Talk ####, an owner and operator of news and talk radio station, from Clear Channel Communications Inc (CC). Terms were not disclosed. Concurrently, RZ planned to acquire WTEM AM-###, doing business as SportsTalk ###, and WTNT AM-###, from CC.6/7/2008 11:04:30 AM75788Q92611X75788Q184502Red Zebra Broadcasting LLCWWRC AM-1260Red Zebra Broadcasting LLCClear Channel Communications Inchttp://www.alacrastore.com/storecontent/Thomson_M%26A/Red_Zebra_Broadcasting_LLC_acquires_WWRC_AM_1260_from_Clear_Channel_Commun_Inc-1984377020sdc/19843770201984377020Copyright © 2008, Thomson Financial, All Rights ReservedRadio and Television Broadcasting StationsUnited StatesRadio broadcasting stations4832MDMarylandPrivate4832:Radio broadcasting stations4832:Radio broadcasting stationsRadio and Television Broadcasting StationsUnited StatesRadio broadcasting stations4832MDMarylandSubsidiary972824001Own,op radio stnOwn,op radio,TV stnUnspecifiedAssets1014623001Jun 7 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.00000Red Zebra Broadcasting ownsand operates radio stations inWashington and Virginia. Thecompany is headquartered inSilver Spring, Maryland.Founded in 2006.Red Zebra Broadcasting owns and operates radio stations inWashington and Virginia. The company is headquartered inSilver Spring, Maryland. Founded in 2006.Red Zebra Broadcasting owns and operates radio stations in Washington and Virginia. The company is headquartered in Silver Spring, Maryland. Founded in 2006.1.000002.000003.000004.000005.000006.00000WWRC AM-1260, doing businessas Progressive Talk 1260, ownsand operates news and talkradio station. The company isheadquartered in Oxon Hill,Maryland.WWRC AM-1260, doing business as Progressive Talk 1260, ownsand operates news and talk radio station. The company isheadquartered in Oxon Hill, Maryland.WWRC AM-1260, doing business as Progressive Talk 1260, owns and operates news and talk radio station. The company is headquartered in Oxon Hill, Maryland.0.000000.000000.000000.00000N04 Jun 08Wed, 04 Jun 2008 00:00:00 ESTDate Announced: 06/04/2008Date Effective:Acq. of AssetsFriendly0.000000.000000.000000.000000.000000.00000Price/Share0.0000000.000000.0000000.000000.000000.000000.000000.000000.0000000.00000N0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000100.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.00000US - Red Zebra BroadcastingLLC (RZ) agreed to acquireWWRC AM-1260, doing businessas Progressive Talk 1260, anowner and operator of news andtalk radio station, from ClearChannel Communications Inc(CC). Terms were notdisclosed. Concurrently, RZplanned to acquire WTEMAM-980, doing business asSportsTalk 980, and WTNTAM-570, from CC.US - Red Zebra Broadcasting LLC (RZ) agreed to acquire WWRC AM-1260, doing business as Progressive Talk 1260, an owner and operator of news and talk radio station, from Clear Channel Communications Inc (CC). Terms were not disclosed. Concurrently, RZ planned to acquire WTEM AM-980, doing business as SportsTalk 980, and WTNT AM-570, from CC.US - Red Zebra Broadcasting LLC (RZ) agreed to acquire WWRC AM-1260, doing business asProgressive Talk 1260, an owner and operator of news and talk radio station, from ClearChannel Communications Inc (CC). Terms were not disclosed. Concurrently, RZ planned toacquire WTEM AM-980, doing business as SportsTalk 980, and WTNT AM-570, from CC.US - Red Zebra Broadcasting LLC (RZ) agreed to acquire WWRC AM-1260, doing business as Progressive Talk 1260, an owner and operator of news and talk radio station, from Clear Channel CommunicationsInc (CC). Terms were not disclosed. Concurrently, RZ planned to acquire WTEM AM-980, doing business as SportsTalk 980, and WTNT AM-570, from CC.US - Red Zebra Broadcasting LLC (RZ) agreed to acquire WWRC AM-1260, doing business as Progressive Talk 1260, an owner and operator ofnews and talk radio station, from Clear Channel Communications Inc (CC). Terms were not disclosed. Concurrently, RZ planned to acquireWTEM AM-980, doing business as SportsTalk 980, and WTNT AM-570, from CC.Pending0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Pending-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000004832:Radio broadcasting stations972824001United States4832MarylandPrivate4832:Radio broadcasting stations4833:Television broadcasting stations6719:Offices of holding companies, nec7312:Outdoor advertising services23336003New YorkUnited States4832TexasPublicCCU0.000000.000000.000000.00000Deal InformationTF Mergers & AcquisitionsUS - Red Zebra Broadcasting LLC (RZ) agreed to acquire WTNT AM-###, an owner and operator of news and talk radio station, from Clear Channel Communications Inc (CC). Terms were not disclosed. Concurrently, RZ planned to acquire WTEM AM-###, doing business as SportsTalk ###, and WWRC AM-####, doing business as Progressive Talk ####, from CC.6/7/2008 11:04:30 AM75788Q93225Z75788Q184502Red Zebra Broadcasting LLCWTNT AM-570Red Zebra Broadcasting LLCClear Channel Communications Inchttp://www.alacrastore.com/storecontent/Thomson_M%26A/Red_Zebra_Broadcasting_LLC_acquires_WTNT_AM_570_from_Clear_Channel_Commun_Inc-1984382020sdc/19843820201984382020Copyright © 2008, Thomson Financial, All Rights ReservedRadio and Television Broadcasting StationsUnited StatesRadio broadcasting stations4832MDMarylandPrivate4832:Radio broadcasting stations4832:Radio broadcasting stationsRadio and Television Broadcasting StationsUnited StatesRadio broadcasting stations4832MDMarylandSubsidiary972824001Own,op radio stnOwn,op radio,TV stnUnspecifiedAssets1014632001Jun 7 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.00000Red Zebra Broadcasting ownsand operates radio stations inWashington and Virginia. Thecompany is headquartered inSilver Spring, Maryland.Founded in 2006.Red Zebra Broadcasting owns and operates radio stations inWashington and Virginia. The company is headquartered inSilver Spring, Maryland. Founded in 2006.Red Zebra Broadcasting owns and operates radio stations in Washington and Virginia. The company is headquartered in Silver Spring, Maryland. Founded in 2006.1.000002.000003.000004.00000WTNT AM-570, owns and operatesnews and talk radio station.The company is headquarteredin Rockville, Maryland.WTNT AM-570, owns and operates news and talk radio station.The company is headquartered in Rockville, Maryland.WTNT AM-570, owns and operates news and talk radio station. The company is headquartered in Rockville, Maryland.0.000000.000000.000000.00000N04 Jun 08Wed, 04 Jun 2008 00:00:00 ESTDate Announced: 06/04/2008Date Effective:Acq. of AssetsFriendly0.000000.000000.000000.000000.000000.00000Price/Share0.0000000.000000.0000000.000000.000000.000000.000000.000000.0000000.00000N0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000100.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.00000US - Red Zebra BroadcastingLLC (RZ) agreed to acquireWTNT AM-570, an owner andoperator of news and talkradio station, from ClearChannel Communications Inc(CC). Terms were notdisclosed. Concurrently, RZplanned to acquire WTEMAM-980, doing business asSportsTalk 980, and WWRCAM-1260, doing business asProgressive Talk 1260, fromCC.US - Red Zebra Broadcasting LLC (RZ) agreed to acquire WTNT AM-570, an owner and operator of news and talk radio station, from Clear Channel Communications Inc (CC). Terms were not disclosed. Concurrently, RZ planned to acquire WTEM AM-980, doing business as SportsTalk 980, and WWRC AM-1260, doing business as Progressive Talk 1260, from CC.US - Red Zebra Broadcasting LLC (RZ) agreed to acquire WTNT AM-570, an owner and operatorof news and talk radio station, from Clear Channel Communications Inc (CC). Terms were notdisclosed. Concurrently, RZ planned to acquire WTEM AM-980, doing business as SportsTalk980, and WWRC AM-1260, doing business as Progressive Talk 1260, from CC.US - Red Zebra Broadcasting LLC (RZ) agreed to acquire WTNT AM-570, an owner and operator of news and talk radio station, from Clear Channel Communications Inc (CC). Terms were not disclosed.Concurrently, RZ planned to acquire WTEM AM-980, doing business as SportsTalk 980, and WWRC AM-1260, doing business as Progressive Talk 1260, from CC.US - Red Zebra Broadcasting LLC (RZ) agreed to acquire WTNT AM-570, an owner and operator of news and talk radio station, from ClearChannel Communications Inc (CC). Terms were not disclosed. Concurrently, RZ planned to acquire WTEM AM-980, doing business as SportsTalk980, and WWRC AM-1260, doing business as Progressive Talk 1260, from CC.Pending0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Pending-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000004832:Radio broadcasting stations972824001United States4832MarylandPrivate4832:Radio broadcasting stations4833:Television broadcasting stations6719:Offices of holding companies, nec7312:Outdoor advertising services23336003New YorkUnited States4832TexasPublicCCU0.000000.000000.000000.00000Deal InformationTF Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/cs/70285cs/70285norm CCU's Loan: A Package Of Concessions From Both Sides Clear Channel's new term loan package remained relatively sponsor- and company-friendly even after going through the crucible of litigation over the near-failed LBO The interest...702851864YesD0Article933corphy1396Loan Market42High Yield54Euro Markets Issuers51LBO6/6/2008 12:06:01 AM150The Clear Channel loan package looks more sponsor-friendly than might have been expected given the initial refusal by the banks to fund the loans. Interest rates are higher, but not enough to trade close to par and maturities look standard.70285Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/69957cs/69957norm Clearing Funding Channels Clear Channel has both its equity and debt financing set aside in escrow and the shareholder vote is the only remaining hurdle to the LBO The latest detail on Clear Channel's financing package shows the private...69957780YesC0Article933corp1396Loan Market33Capital Structure54Euro Markets Issuers51LBO5/30/2008 12:05:49 AM150Clear Channel has its equity and debt funding sitting in an escrow account, waiting for shareholders to accept the offer. A few debt details emerged that suggested to us that Clear Channel may have term refinancing for other notes.69957Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/spcred/650960spcred/650960normThe latest News from S&Pglobalstructured5/29/2008 1:12:05 PM100News650960United StatesBroadcasting & Cable TVAsiaEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinanceCorporationsCollateralized Debt ObligationsMedia & EntertainmentNewsNEW YORK (Standard&Poor's) May 29, 2008--Standard&Poor's Ratings Services said today that its ratings on Clear Channel Communications Inc., including the 'B+' corporate credit rating, remain on CreditWatch with negative implications. We originally placed them on CreditWatch on Oct. 26, 2006, following the San Antonio, Texas-based company's announcement that it was exploring strategic alternatives to enhance shareholder value. Today's CreditWatch update reflects the company's announcement that the bank syndicate providing debt financing for its proposed LBO has placed funding into an escrow account, pending completion of the transaction. The total transaction value (excluding the assumption of existing debt) is $17.9 billion under the renegotiated terms, or $36 per share, an 8.2% reduction from the previous price ofUSA18450225401020 254010 2540 25Clear Channel Communications Inc.317505ASIAEMERGINGEUROMIDAFRLATAMERICAUSACCUNEWSGLOBISSSTRUCCORPCDOMediaCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/650961spcred/650961normThe latest Research Update from S&Pglobalstructured5/29/2008 1:12:05 PM175Research Update650961United StatesBroadcasting & Cable TVAsiaEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinanceCorporationsCollateralized Debt ObligationsMedia & EntertainmentResearch UpdateOn May 29, 2008, Standard&Poor's Ratings Services said its ratings on San Antonio, Texas-based Clear Channel Communications Inc., including the 'B+' corporate credit rating, remain on CreditWatch with negative implications. We originally placed them on CreditWatch on Oct. 26, 2006, following the company's announcement that it was exploring strategic alternatives to enhance shareholder value. Today's CreditWatch update reflects the company's announcement that the bank syndicate providing debt financing for its proposed LBO has placed funding into an escrow account, pending completion of the transaction. The total transaction value (excluding the assumption of existing debt) is $17.9 billion under the renegotiated terms, or $36 per share, an 8.2% reduction from the previous price of $39.20 per share. This reducesUSA18450225401020 254010 2540 25Clear Channel Communications Inc.317505ASIAEMERGINGEUROMIDAFRLATAMERICAUSACCURESUPDGLOBISSSTRUCCORPCDOMediaCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PR_155382_600016686moodys/PR_155382_600016686htmlGlobal Credit Research Announcement ## MAY #### Announcement: Clear Channel Communications, Inc. Moody's Comments on Clear Channel's Settlement of Litigation and Amended Merger Agreement New York, May ##, #### -- On May ##, ####, Clear...5/16/2008 1:18:16 AMhtmlClear Channel Communications, Inc.Clear Channel Communications, Inc.600016686150.0000NewsAnnouncementPR_155382_600016686Credit & Investment ResearchMoody's Global Credit Research