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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 28549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report : 1/28/98
(Date of earliest event reported): 1/22/98
SFX BROADCASTING, INC.
(Exact name of registrant as specified in charter)
Delaware 0-22486 13-3649750
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File No.) Identification No.)
650 Madison Avenue, New York, New York 10022
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 407-9191
N/A
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
CONSENT SOLICITATION.
The press release, dated January 22, 1998 attached hereto is
incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
99.1 Press release, dated January 22, 1998, of SFX Broadcasting, Inc.
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SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereto duly authorized.
SFX BROADCASTING, INC.
By: /s/ Howard J. Tytel
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Name: Howard J. Tytel
Title: Executive Vice President
Date: 1/27/98
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For further information:
Timothy J. Klahs
Directors, Investor Realtions
SFX Broadcasting, Inc.
(212) 406-9126
FOR IMMEDIATE RELEASE
SFX BROADCASTING ANNOUNCES AMENDMENTS TO ITS CONSENT
SOLICITATIONS
New York, January 22, 1998 -- SFX Broadcasting, Inc. (NASDAQ: SFXBA) announced
today the amendment of the solicitation of consent from the holders of its
$450,000,000 10 3/4% Senior Subordinated Notes due 2006 and its $225,000,000
12 5/8% Series E Cumulative Exchangeable Preferred Stock due October 31, 2006.
The consent fees set forth in the consent solicitation statements previously
mailed on January 7, 1998 have been amended from $10.00 per $1,000 in principal
amount of Senior Subordinated Notes to $22.50 per $1,000 in principal amount of
Notes and from $1.00 per share of Series E Preferred Stock to $2.25 per share
of Series E Preferred Stock. Additionally, the consent solicitation expiration
dates will now be extended until January 29, 1998. Pursuant to the consent
solicitation statements, consents will become irrevocable upon receipt of the
requisite consents.
In addition to the revised consent fees, certain limitations to the proposed
amendments to the indenture relating to the Notes and the certificate of
designations relating to the Series E Preferred Stock have been made. Based on
conversations with holders of the securities, management anticipates that the
requisite consents will be forthcoming based upon the revised consent fees and
terms.
Lehman Brothers Inc. is acting as Solicitation Agent; Contact David Parsons at
(212) 528-7581 or (800) 438-3242 toll free.
D.F. King & Co. Inc. is acting as Information Agent: Contact John L. Bibas at
(212) 493-6925 or (800) 848-3416.
