CC OK With Debt Through 2014
| RADIO ONLINE | Friday, November 11, 2011 |
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At this week's Wells Fargo Securities Technology, Media & Telecom Conference, Clear Channel Communications CFO was asked about the company's plans to manage its giant $21 Billion debt load. Casey responded confidently saying, "Between the growth of the business, the cash flow we generate and the cash we have on the balance sheet, we are well positioned through 2014 and that leaves us obviously well positioned for a 2016 refinancing."
Casey has already done some hefty debt refinancing this year -- one for $1 billion, which also amended some covenant terms, and another for $750 million. Thanks to those two transactions, and some debt pay-down from free cash flow, Clear Channel isn't really facing any substantial debt maturity deadlines until 2016, although there are some sizeable portions of debt that come due before then. Casey said $250 million comes due in 2012 and $400 million in 2013.
