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CCO

Clear Channel Outdoor

$2.25

-0.155 (-6.46%)

06:58
08/13/19
08/13
06:58
08/13/19
06:58

Clear Channel Outdoor comments on recent capital market activities

Clear Channel Outdoor commented on the realized benefits resulting from recent capital market activities. "The Company's successful capital markets activities over the last several weeks have led to an improved balance sheet, stronger cash flow generation and a significantly extended maturity profile," said William Eccleshare, worldwide CEO of the company. "We have reduced our net leverage and cash interest payments as a result of these transactions. The Company's improving balance sheet provides important strategic flexibility as we look to both continue de-levering over time and invest in attractive, high-return growth opportunities. We believe our global footprint and strategic investments in digitalization, automation and data analytics, together with a stronger balance sheet, provide us with a solid foundation for the future within our strong industry." "Our equity raise has resulted in credit upgrades that have enabled us to efficiently refinance all of our senior debt on a secured basis at a lower cost and with extended maturities," said Brian Coleman, CFO of the company. "Our pro forma net leverage ratio will be reduced to 7.9x.(1) Cash interest payments are expected to decrease $63.0 million per year due to the refinancing activities, and our next nearest material debt maturity will be in 2024. In addition, the recent transactions will enable the Company to be free cash flow positive on a pro-forma basis, and to be on a path to de-lever organically over time, without the need for further equity capital."

CCO Clear Channel Outdoor
$2.25

-0.155 (-6.46%)

12/07/18
WOLF
12/07/18
INITIATION
Target $6.5
WOLF
Outperform
Clear Channel Outdoor initiated with an Outperform at Wolfe Research
Wolfe Research initiated Clear Channel Outdoor with an Outperform rating and $6.50 price target.
03/11/19
BRRR
03/11/19
UPGRADE
Target $6.5
BRRR
Outperform
Clear Channel Outdoor upgraded to Outperform from Market Perform at Barrington
Barrington analyst James Goss upgraded Clear Channel Outdoor to Outperform from Market Perform with a $6.50 price target. Clear Channel Outdoor is one of only a small handful of companies that have a large influence on the global out-of-home advertising industry, Goss tells investors in a research note. As the separation from iHeart nears, the analyst sees a favorable risk/reward profile for the shares.
03/11/19
BRRR
03/11/19
UPGRADE
BRRR
Outperform
Clear Channel Outdoor upgraded to Outperform from Market Perform at Barrington
07/11/19
WOLF
07/11/19
DOWNGRADE
WOLF
Peer Perform
Clear Channel Outdoor downgraded to Peer Perform at Wolfe Research

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