Clear Channel Buys More Time With Bond Sale
March 2, 2012 at 4:02 PM (PT)
Investors are gobbling up enough bonds of CLEAR CHANNEL COMMUNICATIONS' OUTDOOR HOLDINGS to carry it through the next four years, SF GATE reports. The CLEAR CHANNEL OUTDOOR HOLDINGS Inc. unit sold 7.625%, eight-year notes on FEB. 29th at a yield of 6.08 percentage points more than similar-maturity Treasuries, according to data compiled by BLOOMBERG.
All told, the company raised $2.2 billion of bonds this week, 76% more than planned. The sale by the company's billboard unit will help trim debt. "This is really their emergency chute at this point," credit analyst SPENCER GODFREY told the paper. "They've bought themselves the option of time, which is the greatest option a company can have."