Banks will likely be less willing to finance future private equity deals now that Bain Capital and Thomas H Lee have reached an agreement enabling them to go ahead with their buyout of Clear Channel Communications at a lower price, people involved in the talks say.

Under the agreement announced late Tuesday, Clear Channel will be taken private by the two private equity firms and its managers for $36 a share - or $17.9bn - which represents an 8 per cent discount to the previously agreed price.