Clear Channel Communications, Inc. Announces It Has Received Requisite Consents to Amendments to Its Credit Facilities

  Clear Channel Communications, Inc. Announces It Has Received Requisite
  Consents to Amendments to Its Credit Facilities

Business Wire

SAN ANTONIO -- October 22, 2012

Clear Channel Communications, Inc. (“CCU”) announced today that it has
obtained the requisite consent of lenders under its cash flow credit
facilities to certain amendments to the agreement governing the cash flow
credit facilities (the “Amendment”).

Upon effectiveness, the Amendment will, among other things: permit exchange
offers of term loans for new debt securities in an aggregate principal amount
of up to $5.0 billion; provide CCU with greater flexibility to prepay tranche
A term loans; following the repayment or extension of all tranche A term
loans, permit below par non-pro rata purchases of term loans pursuant to
customary Dutch auction procedures whereby all lenders of the class of term
loans offered to be purchased will be offered an opportunity to participate;
following the repayment or extension of all tranche A term loans, permit the
repurchase of junior debt maturing before January 2016 with cash on hand in an
amount not to exceed $200 million; combine the term loan B, the delayed draw
term loan 1 and the delayed draw term loan 2 under the cash flow credit
facilities; preserve revolving credit facility capacity in the event CCU
repays all amounts outstanding under the revolving credit facility; and
eliminate certain restrictions on the ability of Clear Channel Outdoor
Holdings, Inc. and its subsidiaries to incur debt.

The Amendment is expected to become effective concurrently with the closing of
an offer to exchange a portion of the term loans under the cash flow credit
facilities for new debt securities to be issued in a private placement by CCU.

There can be no assurance that the Amendment will become effective, on the
terms described above or otherwise. This press release is for informational
purposes only and shall not constitute an offer to sell or exchange nor the
solicitation or an offer to buy any securities of CCU or any of its
affiliates.

About Clear Channel Communications

Clear Channel Communications, Inc. is one of the leading global media and
entertainment companies specializing in radio, digital, outdoor, mobile, live
events and on-demand entertainment and information services for local
communities and providing premier opportunities for advertisers.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements based on current CCU
management expectations. These forward-looking statements include all
statements other than those made solely with respect to historical facts and
include, but are not limited to, statements regarding the closing of the
Amendment. Numerous risks, uncertainties and other factors may cause actual
results to differ materially from those expressed in any forward-looking
statements. These risks, uncertainties and other factors include, but are not
limited to, the terms and timing of, and whether or not CCU will ultimately
consummate, the Amendment and the related transactions. Many of the factors
that will determine the outcome of the subject matter of this press release
are beyond CCU’s ability to control or predict. CCU undertakes no obligation
to revise or update any forward-looking statements, or to make any other
forward-looking statements, whether as a result of new information, future
events or otherwise.

Contact:

Clear Channel Communications, Inc.
Media
Wendy Goldberg, 212-549-0965
Senior Vice President – Communications
or
Investors
Brian Coleman, 210-822-2828
Senior Vice President and Treasurer