According to the Wall Street Journal on Sunday, Clear Channel Outdoor Holdings Inc. (CCO), the outdoor advertising business of Clear Channel Communications, is in talks with lenders to raise as much as $2.5 billion in order to pay down debt. A deal will likely come in the next two weeks, though the timing and the size of the issue remains uncertain. The new financing would allow the company to pay down debt, improving the company's overleveraged capital structure.
Phoenix, Arizona-based Clear Channel Outdoor owes $2.5 billion to its parent, CC Media Holdings Inc.'s (CCMO.PK) Clear Channel. An intercompany note will mature in August 2010. A new bond issue could help prevent the parent-company Clear Channel from violating covenants on its secured debt.
Clear Channel is facing major debt restructuring, and has attempted to restructure its $19 billion in debt three times earlier, but creditors have resisted any changes to agreements. According to the report, Leon Black's Apollo Management and Blackstone Group's GSO Capital are quietly buying up shares in Clear Channel Outdoor, and trying to seize control of the company's outdoor unit.
In mid-November 2006, private-equity firms, Thomas H. Lee Partners and Bain Capital agreed to buy Clear Channel outdoor in a $19.35 billion leveraged buyout, which was closed a little more than a year back in July 2008. It took on more than $17 billion in debt in July 2008 after the leveraged buyout. CCO closed Friday's regular trading session at $9.19, up $0.21 or 2.34% on a volume of 0.48 million shares, higher than the three-month average volume of 0.35 million shares. CCMO.PK closed at $3.00, up $0.25 or 9.09% on a volume of 700 shares.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.