Clear Channel Outdoor IPO Could Raise Nearly $1 Billion
October 28, 2005 at 2:09 PM (PT)
CLEAR CHANNEL OUTDOOR today set the terms of its planned IPO, reports REUTERS. The company said in an amended filing with the SEC that it expects to sell 35 million Class A shares at an estimated price of $20 to $22 each, which could raise as much as $885.5 million.
CLEAR CHANNEL OUTDOOR has two classes of outstanding common stock: Class A and Class B. After the IPO, CLEAR CHANNEL COMMUNICATIONS will own all of the company's outstanding Class B shares, representing roughly 90% of the total outstanding common shares.