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CCO

Clear Channel Outdoor

$0.45 /

+0.0059 (+1.34%)

06:59
03/25/20
03/25
06:59
03/25/20
06:59

Clear Channel Outdoor provides financial update, increases liquidity

Clear Channel Outdoor announced it has drawn down $150M available under its revolving credit facility to increase liquidity and preserve financial flexibility. "The Americas segment continued to deliver strong growth into the first quarter of 2020; however we have begun to see weakness in certain European markets affected by COVID-19. In light of the uncertainty presented by the unprecedented pandemic, we expect that future results will be difficult to forecast," said William Eccleshare, worldwide CEO of Clear Channel. "Given our work to transform our business over the last year as well as our significant liquidity and available levers, we believe we are well-positioned to manage through the economic downturn. In addition, we opted to make a cautionary draw down of $150 million of availability under our revolving credit facility to further preserve financial flexibility." Eccleshare added, "As always, the health and safety of our employees remain our top priority. We are closely monitoring the spread of COVID-19 and its impact on our global business, and we have taken and will continue to take appropriate steps to ensure the continuity of our platform and operations to serve our clients, as local conditions permit." As of December 31, 2019, the company had approximately $399M of cash on its balance sheet. Together with the $150M in proceeds received from the draw down on the revolving credit facility, Clear Channel's pro forma cash position on its balance sheet would have been approximately $549M. As of December 31, 2019, the first lien leverage ratio was approximately 4.75x 1, which is well below the maximum 7.60x under the terms of the company's senior secured credit facilities. The draw down under the revolver does not impact this ratio, which is calculated on a net basis. The company will provide an update during its Q1 earnings conference call.

CCO Clear Channel Outdoor
$0.45 /

+0.0059 (+1.34%)

02/03/20
Fly Intel: Top five analyst initiations
02/03/20 JPMorgan
Clear Channel Outdoor initiated with a Neutral at JPMorgan
09/23/19 Wells Fargo
Clear Channel Outdoor initiated with an Outperform at Wells Fargo
09/04/19 Barclays
Clear Channel Outdoor initiated with an Overweight at Barclays

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