Clear Channel Outdoor to sell $750 million notes

AP News
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Posted: Dec 10, 2009 7:44 PM

Billboard advertising company Clear Channel Outdoor Holdings Inc. said Thursday it will sell $750 million worth of senior notes through a subsidiary and use the proceeds to pay down $730 million in debt it owes to parent company Clear Channel Communications.

Clear Channel Worldwide Holdings Inc., the subsidiary, is incorporated in Nevada.

The company has been pursuing ways to address the funds it owes to Clear Channel Communications for some months.

Clear Channel Outdoor's shares fell 4 cents to $8.99 in after-hours trading Thursday after closing at $9.03, down 15 cents from a day earlier.