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SAN ANTONIO — Clear Channel Communications Inc. and the private-equity firms seeking to close a $19.5 billion purchase of the company on Wednesday sued the banks backing the deal.
In lawsuits filed in Texas and New York, Clear Channel and the buyers group, led by Bain Capital and Thomas H. Lee Partners LLC, claimed the six banks that promised to finance the deal were reneging on the agreement to provide long-term financing, looking to offer little more than a short-term bridge loan.
The firms contend the banks are trying to kill the deal by putting unreasonable terms on the loan.
