CC Outdoor Holdings Pursuing Help With Maturing Note
June 2, 2009 at 6:59 AM (PT)
In the wake of last month's rejected a proposal (NET NEWS 5/22) by private equity firms THOMAS H. LEE PARTNERS and BAIN CAPITAL, which acquired CLEAR CHANNEL last JULY in a $17.9 billion takeover, for a debt exchange by two lenders, comes more shaky news for CLEAR CHANNEL TODAY, this time on the Outdoor Advertising side.
CLEAR CHANNEL OUTDOOR HOLDINGS is actively pursuing alternatives to address the "maturity of the intercompany note payable by it to its parent company CLEAR CHANNEL COMMUNICATIONS, INC."
The alternatives may include an offering of new senior or senior subordinated notes for cash or an exchange of new senior or subordinated notes for outstanding indebtedness, with the intention of any such transaction being to refinance the intercompany note.