Clear Channel Communications has been doing some more work on its long-term debt. It sold $1 billion in new 9% priority guarantee notes due 2021 in a private placement. The company is to register replacement notes for public trading within 210 days.
Proceeds from the sale will be used to repay $500 million of Clear channel’s 6.25% senior notes when they mature March 15th. The rest will be used to pay down other debt and for fees associated to amendments to the company’s credit facilities as announced last week.