New York, April 29, 2014 -- Moody's Investors Service said the upsize of the CCU Escrow Corporation senior note issue from $400 million to $850 million will not impact the rating assigned to the note or the ratings of Clear Channel Communications, Inc. (Clear Channel). The upsize is expected to be used to redeem the $409 million of 2014 legacy notes held by investors, $241 million of 2015 legacy notes, partially redeem 2014 legacy notes held by CC Finco (an unrestricted subsidiary), pay call premiums, accrued interest and transaction related expenses. Approximately $150 million will be repaid to CC Finco as a partial redemption of its 2014 legacy note position. We expect these proceeds to be used for future debt repayment or general corporate purposes.

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