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Clear Channel Notes Slide to Yield 12.5% Following Earnings Miss

May 24, 2022, 7:35 PM

Clear Channel Outdoor 7.75% senior unsecured bonds maturing in 2028 fall 1.5 cents on the dollar to 80.5 cents, a record intraday low. The notes have been slumping for the last month, with another leg down since May 10 when the company reported first-quarter revenue that was weaker than expected.

  • The price decline pushed the yield up to ~12.5%
  • About $1 billion of the notes were issued in February 2021; they’re rated CCC by S&P and Caa2 by Moody’s
  • Click below to see:
    • Clear Channel Outdoor’s credit ratings
    • Clear Channel Outdoor’s credit metrics
    • Clear Channel Outdoor’s issuer profile
  • Previously:
    • Clear ...