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NEW YORK, June 17 (Reuters) - Clear Channel Communications(CCU.N: Quote, Profile, Research) is offering close to $3 billion of its $10.7 billion term loan B at a discount of 90 to 91 cents on the dollar, sources told Reuters Loan Pricing Corp on Tuesday.

The spread on the loan is 365 basis points over the London interbank offered rate. As reported earlier, the company began selling a portion of its $10.7 billion term loan B to loan investors on Tuesday.

The term loan tranche is one part of a larger $19.1 billion financing that backs the company's recently renegotiated $17.9 billion LBO by Bain Capital Partners and Thomas H. Lee Partners.

The loan sale will be led by a Citigroup-led underwriting team. The banks are expected to offer around $3 billion of the term loan tranche initially and are expected to only sell more if there is sufficient demand for the deal.

Clear Channel Communications Inc.'s revised LBO funding plan consists of $19.1 billion in debt financing and $2.4 billion in equity financing, according to a recent filing with the Securities and Exchange Commission.

The company will raise a $15.771 billion senior secured bank loan, a $1 billion receivables-based credit facility and $2.31 billion in senior notes.

The bank loan will consist of a $2 billion, six-year revolver, a $1.115 billion, six-year term loan A tranche, a $10.7 billion, 7.5-year term loan B tranche, a $706 million, 7.5-year term loan C tranche and a $1.25 billion 7.5-year, delayed-draw term loan tranche.

The term loan A and revolving tranches are priced at 340 basis points over Libor, according to the filing, while the term loan B, term loan C and the delayed-draw tranche are priced at 365 basis points over Libor.