Moody's Downgrades Clear Channel Notes Rating
December 21, 2009 at 4:00 AM (PT)
MOODY's downgraded CLEAR CHANNEL WORLDWIDE HOLDINGS, INC.'s proposed issuance of senior unsecured notes due 2017 deeper into junk territory, to B2 from B1, "following the company's announced plan to significantly upsize the offering from $750 million to $2.5 billion," MOODY's said in a statement.
REUTERS reports that "last week, IFR, a THOMSON REUTERS service, said a unit of CLEAR CHANNEL planned to sell $750 million in new bonds, and that proceeds from the sale would be used to repay an approximately $730 million loan of CLEAR CHANNEL OUTDOOR to its parent, CLEAR CHANNEL COMMUNICATIONS."
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