Clear Channel Outdoor Holdings Inc. is selling $2.2 billion of bonds to refinance maturing debt as it prepares to separate from iHeartMedia Inc., the bankrupt radio broadcaster that owns it.
The billboard company is issuing senior subordinated bonds through its Clear Channel Worldwide Holdings Inc. unit, according to a person with knowledge of the matter. The bonds mature in five years, and the company can’t buy them back for two years, said the person, who wasn’t authorized to speak publicly. The securities may be rated CCC+, the seventh-highest junk grade.
As part of iHeart’s bankruptcy plan, San Antonio-based Clear Channel ...