CC Looks to Refinance Debt

Clear Channel is aiming to reduce the cost of its massive debt, freeing the 800-radio station operation from $1.33 billion in bonds that are paying holders as much as 11.74 percent through 2016.

In a statement to the SEC filed late Monday (April 20), the San Antonio-based company also said it seeks to exchange “any and all” of its $980 million in 10.75 percent senior notes due in 2016.

The company-set deadline for the exchanges is at midnight on May 18.

The company became the poster child for debt-ridden radio companies last July 25 when a consortium lead by Bain Capital and Thomas H.

AW+

WORK SMARTER - LEARN, GROW AND BE INSPIRED.

Spring Special

Save 30% Off an ADWEEK Subscription Today!

View Your Options

Already a member? Sign in