May 23, 2008 / 2:36 AM / 11 years ago

Clear Channel says bank syndicate funds takeover

NEW YORK, May 22 (Reuters) - Clear Channel Communications Inc (CCU.N) on Thursday said the bank syndicate providing the financing has fully funded the company’s $17.9 billion takeover by private equity funds Thomas H. Lee Partners [THL.UL] and Bain Capital.

Earlier in May, the bank syndicate, the private equity buyers and Clear Channel struck a deal to lower the deal’s price and settle litigation between the parties.

In March, THL and Bain filed complaints in New York and Texas against the six Wall Street banks — Citigroup Inc (C.N), Morgan Stanley (MS.N), Credit Suisse Group CSGN.VX, Royal Bank of Scotland Group Plc (RBS.L), Deutsche Bank AG (DBKGn.DE) and Wachovia Corp WB.N — to enforce their agreement to fund the buyout.

Central to the dispute was the hit the banks would take in funding the deal, given the deteriorated lending conditions. (Reporting by Michael Erman; Editing by Tomasz Janowski)

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