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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Clear Channel Outdoor Holdings Inc | NYSE:CCO | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.38 | 0 | 09:00:00 |
DOW JONES NEWSWIRES
Clear Channel Outdoor Holdings Inc. (CCO) said it considering either a debt sale or a swap in order to refinance a maturing note held by its parent, Clear Channel Communications Inc.
It added the amounts involved in any financing alternatives "may be material," with the timing and structure of any transaction depending on market conditions.
Clear Channel Outdoor didn't disclose the size of the maturing note and a company spokeswoman wasn't immediately available for comment.
The move comes as Clear Channel Communications feels the weight of $22 billion in debt that CC Media Holdings, the vehicle used by private-equity firms Bain Capital LLC and Thomas H. Lee Partners LP, took on to privatize Clear Channel Communications last year in a $17.9 billion deal. Clear Channel Communications, and thus CC Media, owns about 89% of Clear Channel Outdoor.
In addition, advertising woes that were first seen in newspapers and magazines have been spreading to television and now to billboards, which had been holding up well. Two weeks ago, Clear Channel Outdoor said it swung to a first-quarter loss on a 25% drop in revenue.
Shares closed Monday at $3.60 and were inactive in premarket trading Tuesday. The stock is down 41% this year.
-By Mike Barris, Dow Jones Newswires; 201-938-5658; mike.barris@dowjones.com
1 Year Clear Channel Outdoor Chart |
1 Month Clear Channel Outdoor Chart |
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