Clear Channel to Offer $1.25 Bln In Notes Via Private Offering

Clear Channel Outdoor Holdings said late Monday that its indirect wholly-owned subsidiary, Clear Channel Worldwide Holdings is selling about $1.25 billion in notes via a private offering. Clear Channel Worldwide plans to loan proceeds of the nets to another unit, Clear Channel Outdoor (CCOI), which will make a special cash dividend to Clear Channel Outdoor […]

Debt Men Tell No Lies: Largest LBOs Remain On Shaky Ground

Recent IPO filings by the likes of Freescale Semiconductor Inc. and HCA Inc. may lead some to conclude that mega-buyouts circa 2005-2007, once at grave risk from the recession, are finally in the clear.

That may turn out to be the story. But an article published last week by three credit analysts at ratings agency Standard & Poor’s—Allyn Arden, William Wetreich and Kenneth G. Drucker—suggests many of the largest deals from the golden age of private equity remain at risk of defaulting on their debt obligations (see table, next page). Were the economy to stall, or worse, they could well go belly-up.

Bob Pittman Takes Stake in Clear Channel

Bob Pittman —  the one-time head honcho of MTV Networks, AOL, and AOL Time Warner and founder of the New York-based private equity firm Pilot group — has made a personal equity investment in CC Media Holdings, the holding company of Clear Channel. Pittman will serve as the company’s Chairman of Media and Entertainment Platforms. PRESS RELEASE: CC […]

Clear Channel Q1 Loss Narrower than Expected

(Reuters) – Outdoor advertising company Clear Channel Outdoor Holdings Inc (CCO.N) posted a narrower-than-expected quarterly loss, helped by improved advertising spending and lower expenses. First-quarter net loss narrowed to $48.8 million, or 14 cents a share, from $91.4 million, or 25 cents a share, a year ago. Revenue rose 5 percent to $608.8 million and […]

PE Pro Becomes Clear Channel Counsel

Robert Walls has joined Clear Channel Communications as executive vice president and general counsel. He had been a co-founder and managing director with Post Oak Energy Capital, a private equity and debt firm focused on the energy services market. Clear Channel is owned by private equity firms Bain Capital and THL Partners.

Clear Channel Completes $2.5 Billion Debt Sale

NEW YORK (Reuters) – Debt-laden radio company Clear Channel on Monday said its outdoor unit completed raising $2.5 billion in the high-yield debt market, removing concerns about the company’s short-term liquidity. Proceeds will be used to repay debt owed to Clear Channel. Private equity firms THL Partners THL.UL and Bain Capital together bought radio operator […]

S&P Raises Rating on Clear Channel

NEW YORK (Reuters) – Standard & Poor’s on Friday raised its ratings on Clear Channel Communications and gave it a positive outlook, indicating further upgrades could be on the cards, citing the planned debt sale at its advertising unit. A unit of Clear Channel Outdoor Holdings Inc (CCO.N) plans to sell $750 million in new […]

WSJ: Clear Channel In Talks To Raise $2.5 Billion in Debt

(Reuters) – Clear Channel Communications Inc’s outdoor advertising business is in talks with lenders to raise as much as $2.5 billion in the high-yield market, the Wall Street Journal reported, citing people familiar with the matter. A deal will likely come in the next two weeks, though the timing and the size remains uncertain, the […]

Bain, THL Deny Clear Channel Report

NEW YORK (Reuters) – The private equity firms that own U.S. radio operator Clear Channel Communications Inc, denied a story by The New York Post, which said banks have refused funding assistance. “The New York Post story about Clear Channel today is dead wrong, and we told them so,” a representative for private equity firms […]

FT: Clear Channel Confident of Lender Agreement

(Reuters) – Clear Channel Communications Inc is confident of reaching an agreement with lenders who are threatening to turn down a proposed debt exchange with the radio and outdoor advertising group, the Financial Times said, citing the firm’s international business head. The recently appointed chief executive of Clear Channel International, William Eccleshare, told the paper […]

Report: Clear Channel In Talks To Restructure Debt

(Reuters) – Clear Channel Communications Inc, which operates radio stations and outdoor advertising space, has started approaching lenders about restructuring its debt load, the New York Post said, citing sources. A prepackaged bankruptcy is one of the topics being debated, one source told the paper. Another source told the paper that the talks were in […]

Moody’s Cuts Clear Channel To Deep Speculative Grade

(Reuters) – Moody’s Investors Service on Monday cut its ratings on Clear Channel Communications to a deeply speculative grade and warned the company may be likely to breach terms in its bank loans this year and seek to restructure its debt. Moody’s cut Clear Channel’s corporate family rating four notches to “Caa3,” nine steps below […]

S&P Downgrades Clear Channel Ratings

Standard & Poor’s has cut the corporate credit rating of Clear Channel Communications from B to B-, and also cut its issue-level ratings. Both ratings remain on S&P CreditWatch. Clear Channel was acquired last year by Bain Capital and THL Partners.

Report: Clear Channel Laying Off 1,500

NEW YORK (Reuters) – Clear Channel Communications Inc, which operates radio stations and outdoor advertising space, plans to lay off about 7 percent of its U.S. staff, the Wall Street Journal reported on Friday. The newspaper, citing a person familiar with the situation, said the move will affect about 1,500 employees — mostly in ad […]

The Final Act of Buyout Binge ’07

All private equity eyes are on Canada right now, where the C$52 billion buyout of BCE Corp. seems to be on life support. Something about how KPMG doesn’t believe BCE could possibly remain solvent after taking on tens of billions of dollars in new debt. Seems like somebody got religion… BCE is the final act […]

Clear Channel Sells $228 Million in Notes

Sept 11 (Reuters) – Clear Channel Communications Inc late on Wednesday sold $228 million of eight-year senior notes in the 144a private placement market, said IFR, a Thomson Reuters publication.  The size of the deal was decreased from an originally planned $980 million.

PE HUB Community

Join the 12525 members of PE HUB to make connections, share your opinion, and follow your favorite authors.

Join the Community

Look Who’s Tweeting

PE HUB News Briefs

RSS Feed Widget