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Entries tagged "Clear Channel Communications Inc."Inside The Deal: Debevoise & Plimpton's Paul Bird on MAC clausesMaterial adverse change clauses are nothing new, but with the credit and stock markets in turmoil, it seems like they are showing up in more and more deals. This year, claims of material adverse change have forced the renegotiation of Home Depot Inc.'s sale of its HD Supply business and the take-private of Clear Channel Communications Inc., and reared up in Hexion Specialty Chemicals Inc.'s pending acquisition of Huntsman Corp. In this edition of Inside The Deal, Suzanne Stevens talks to Paul Bird, who co-chairs the M&A group at Debevoise & Plimpton LLP, about how MAC clauses might affect... Breaking: Clear Channel banks offer to arbitrateThe battle over financing for the $25 billion buyout of Clear Channel Communications Inc. may be coming to a head as banks have made a put-up-or-shut-up arbitration offer to the private equity buyers. ... Clear Channel lawyer Joe Jamail's Texas-style depositionWhile there promises to be plenty of financial drama surrounding the lawsuits filed by Clear Channel Communications Inc. and its private equity suitors against the banks that were financing the leveraged buyout, the hiring of Texas trial lawyer Joe Jamail to represent the radio and billboard company in the suit is sure to add plenty of fireworks. Jamail's resume has plenty of accomplishments, including a place in "Guinness Book of World Records" for representing a client who received the largest jury verdict -- $11.12 billion -- in the history of law in the Pennzoil v. Texaco case, as well as... Deal Digest: March 27, 2008Stay tuned to TheDeal.com for these stories and more.After months of speculation about the $26 billion buyout of Clear Channel Communications Inc., the broadcaster and the two private equity firms that insist they still want to buy it are taking their banks into court. Clear Channel and the buyers announced after the market closed Wednesday that they had brought three suits against a Citigroup Inc. led lending syndicate that agreed more than a year ago, when the credit markets were robust, to finance the massive take-private. Late Wednesday, Clear Channel said it had scored an initial victory in the case... Clear Channel wins restraining order in TexasClear Channel Communications Inc. and the private equity firms intent on purchasing it scored a quick initial victory in their lawsuit against the banks committed to financing the leveraged buyout. ... The Clear Channel dealbreaker revealedThe final impasse between Bain Capital LLC and Thomas H. Lee Partners LP and their bankers over the $26 billion buyout of Clear Channel Communications Inc. wasn't about LIBOR floors or minutiae of the financing agreements. It was the lenders' refusal to allow Clear Channel to draw on part of the $22.1 billion buyout financing package if necessary to refinance roughly $4 billion of outstanding bonds when they begin to come due in three years, according to a suit filed by the buyers late Wednesday.... Clear Channel's LBO on the brinkExpect a wild ride with Clear Channel Communications Inc. Wednesday, thanks to reports that the banks are close to killing the $22.1 billion buyout. The Wall Street Journal, citing unnamed sources close to the deal, said that the banks lining up the financing had stalled the LBO due to a dispute with the equity sponsors over the details of the credit agreement. ... Clear Channel closes TV station deal with ProvidenceWith the threat of complex litigation looming, Clear Channel Communications Inc. said it closed the $1.1 billion sale of its television unit to an affiliate of Providence Equity Partners, on Friday, March 14. Providence also confirmed the deal, but put the price at $1.012 billion with working capital adjustments. As recently as this week, Clear Channel questioned in legal documents whether the buyer and its banks were committed to the deal.Providence agreed to pay $1.2 billion in April, with financing from Wachovia Corp., Goldman, Sachs & Co. and UBS Investment Bank. Clear Channel disclosed in November that Providence was reconsidering... Bain makes capital call for Clear Channel LBOThe completion of the Clear Channel Communications Inc. leveraged buyout is creeping ever closer. PEHub is reporting that equity sponsor Bain Capital LLC has sent out capital calls for the deal, following in the steps of co-sponsor Thomas H Lee Partners LP's move last week to let its limited partners know the time to open their check books was approaching. ... Is TH Lee prepping to close on Clear Channel?Thomas H. Lee Partners LP is telling its limited partners to get their checkbooks ready, according to a Dow Jones report. ... Could the long awaited $19.5 billion LBO of Clear Channel Communications Inc. be far behind? ... Top tagsYou have executed a tag search on Dealscape. On the left,you will find a comprehensive list of stories tagged "Clear Channel Communications Inc.." Below are the most-popular tags for Dealscape. On the right of the page you will find a search box to dig deeper into our content.
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