Clear Channel kicks debt down the road

By on Sep, 5 2014 with Comments 0

Clear ChannelRadio giant Clear Channel Communications is taking on a new layer of debt in order to pay off earlier debt. The new set of Priority Guaranteed Notes are proposed to raise $750M, moving maturities into the future and causing increased interest payments now.

CCU said that it “…intends to use the gross proceeds from this offering to prepay at par $729.0 million of the loans outstanding under its term loan B facility and $12.1 million of the loans outstanding under its term loan C—asset sale facility, to pay accrued and unpaid interest with regard to such loans to, but not including, the date of prepayment, and to pay fees and expenses related to the offering and the prepayment.”

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