Report: CC Outdoor Mulling Bond Offer
December 7, 2009 at 3:54 AM (PT)
The WALL STREET JOURNAL is reporting that CLEAR CHANNEL OUTDOOR is talking with lenders to raise up to $2.5 billion in the high-yield bond market to help pay off the $2.5 billion it owes to parent CLEAR CHANNEL in an intercompany note due in AUGUST. The bond issue, taking advantage of a revived bond market, would help the parent company meet its own debt covenants on its secured debt.
The parent company took on over $17 billion in debt after its JULY 2008 leveraged buyout by BAIN CAPITAL and THOMAS H. LEE PARTNERS. A spokesman for the company declined comment to the JOURNAL.