Clear Channel Notes Slide to Yield 12.5% Following Earnings Miss

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
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• Previously:
  • Clear ...