Bain, THL Deny Clear Channel Report

NEW YORK (Reuters) – The private equity firms that own U.S. radio operator Clear Channel Communications Inc, denied a story by The New York Post, which said banks have refused funding assistance.

“The New York Post story about Clear Channel today is dead wrong, and we told them so,” a representative for private equity firms Bain Capital and THL Partners, said in a statement on Wednesday.

“It’s a blatant misrepresentation of events to report that THL and Bain Capital have reached out to the banks for financing assistance on Clear Channel,” the representative said.

Citing two sources close to the situation, The Post reported that Bain Capital and THL Partners were desperate enough to offer business from their other portfolios to the banks in exchange for financial assistance.

The lenders involved in the transaction, which took place in 2006, include Citigroup (C.N), Credit Suisse (CSGN.VX) and Deutsche Bank (DBKGn.DE).

One of the banks said it felt “mistreated” during the deal, the paper said. (Reporting by Biswarup Gooptu in Bangalore, additional reporting by Megan Davies and Ilaina Jonas in New York; editing by Lisa Von Ahn and Leslie Gevirtz)