In this paper we introduce a new method to limit the peak factor of a multicarrier signal based on tone reservation. A peak-reducing signal is computed by clipping the original OFDM symbol. The peak-reducing signal is forced to have the constraints of tone reservation, so that when added to the original signal, the peak factor is reduced without increasing the BER and the out-of-band radiation. The proposed method has low computational complexity requirements and is fast-converging. Moreover, simulation results show that it has higher PAPR-reduction capabilities than other PAPR-reducing methods based on TR in the literature.