• ABOUT
    • Contact
    • The Team
    • Editorial Calendar
    • Events
    • FAQ
    • Use & Privacy Policy
  • ADVERTISE
  • ROWFAX
  • THE SPORTS CREDENTIAL
  • JOB LISTINGS
MusicRow.com
  • CALENDARS
    • Album/EP Releases
    • Single/Track Releases
    • Industry Events
  • OBITS
  • CHARTS
    • Radio Chart (Current)
    • Radio Chart (Archives)
    • No. 1 Challenge Coin
    • Songwriter Chart (Current)
    • Songwriter Chart (Archives)
  • REVIEWS
  • MY STORY
  • NEWSLETTER
    • Newsletter (Current)
    • SIGN UP (FREE!)
    • Newsletter (Archives)
  • SUBSCRIBE
  • STORE
  • Search
  • Menu

Debt Load Chafes Clear Channel

April 21, 2009/0 Comments/in Featured, Radio /by bossross

clear-channelClear Channel Communications went private last July after being purchased by THL Partners and Bain Capitol. In the process, the company’s debt load greatly increased. Last week CCC released a preliminary filing stating that its first quarter revenue had fallen 23% to $1.2 billion while at the same time its debt increased trifold to $21 billion. Complete results are scheduled to be unveiled on May 11.

In the meantime, Moody’s Investors Service cut its ratings for Clear Channel Communications by four levels, saying there was an increasingly high probability that CCC would breach its debt covenants. According to the New York Times, Regulatory filings earlier this week (4/20) show that CCC hopes “to exchange two classes of bonds which mature in 2016 by midnight on May 18. Through the exchange, investors would receive new bonds of the same value but they would be senior to existing and future notes.”

Unlike the original bonds, the newly offered version, registered under the Securities Act, could be sold and/or transferred. The bonds to be exchanged total $2.3 billion.

YTD Clear Channel Communications has reduced its work force by about 9%, eliminating 1,850 jobs.

  • Author
  • Recent Posts
bossross
Latest posts by bossross (see all)
  • Exclusive: Meghan Trainor Entices Nashville On Untouchable Tour - August 8, 2016
  • Weekly Register: SoundScan Discounts Jay Z Promotion; 'The Voice' Reigns - June 26, 2013
  • Weekly Register: An Unstoppable Freight Train - June 19, 2013
Share this entry
  • Share on Facebook
  • Share on Twitter
  • Share on LinkedIn
  • Share by Mail
https://musicrow.com/wp-content/uploads/2019/03/MusicRow-header-logo-Mar19B.png 0 0 bossross https://musicrow.com/wp-content/uploads/2019/03/MusicRow-header-logo-Mar19B.png bossross2009-04-21 13:24:302009-04-21 13:24:30Debt Load Chafes Clear Channel
0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply Cancel reply

You must be logged in to post a comment.

RECENT NEWS

  • Jackson Dean Celebrates First No. 1 Song ‘Don’t Come Lookin’’ February 23, 2023
  • Luke Laird, Lori McKenna & Barry Dean Team For ‘The Songwriter Tapes Vol. 1’ February 23, 2023
  • Shane McAnally & Brandy Clark Release First Music Preview From ‘Shucked’ February 23, 2023
  • DISClaimer Single Reviews: Ashley McBryde & Brothers Osborne Stun With ‘Play Ball’ February 23, 2023
  • Bobby Bones Hosts Star-Studded 6th Annual Million Dollar Benefit Show February 23, 2023
  • Ernest Performs At Country Music Hall Of Fame’s Troubadour Kickoff Party February 23, 2023
  • Reba McEntire Joins Upcoming Season Of ‘The Voice’ As Mega Mentor February 23, 2023
  • Chase Wright To Embark On ‘Hurt No More Tour’ February 23, 2023
  • Kane Brown To Co-Host CMT Awards, Guest Star In ‘Fire Country’ February 23, 2023
  • My Music Row Story: Spotify’s Brittany Schaffer February 23, 2023
  • Industry Ink: Corey Kent, Nashville Briefing, AIMP, CMHOF February 22, 2023
  • BB Gun Press, MixedMediaWorks Merge To Form 2b Entertainment February 22, 2023
  • Canyon Star TV Unveils New Family-Friendly Streaming Platform February 22, 2023
  • Relative Music Group Welcomes Caroline Bouldin As Creative Director February 22, 2023
  • Samantha Steele Promoted To COO At Triple 8 Management February 22, 2023

Like Us on Facebook

Follow Us on Twitter

Tweets by MusicRow
© 2023 Music Row Enterprises, LLC – All rights reserved.
  • Facebook
  • Twitter
  • Instagram
Scroll to top