Reginal Thomas
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Clear Channel Is Asking Its Lenders For More Time To Pay Back Debts

Clear Channel Communications Inc. raised the amount of loans its looking to extend maturities. The company was bought out by Bain Capital Parters and Thomas H. Lee Partners in 2008, and is extending $1.3 billion of term loans that will expire in 2019, the initial target was $1 billion. In all Clear Channel has $20 billion of debt. The company is enticing investors to roll their investment into the new term loan by offering more than double the interest rate in order to get three more years to turn the company around. Since the 2008 buyout the company has posted losses every year. The company is facing $4.2 billion of debt due in 2016 so they need to get things moving ASAP!