Clear Channel Outdoor borrows $150 million under revolver

By Rebecca Melvin

New York, March 25 – Clear Channel Outdoor Holdings Inc. has borrowed $150 million under its revolving credit facility as a cautionary move to preserve financial flexibility, according to an 8-K filed with the Securities and Exchange Commission.

The New York-based outdoor advertising company is party to a senior secured credit agreement that governs $175 million under a revolving credit facility.

The company had $150 million, $20 million of letters of credit and a $4.8 million of excess availability under the facility.

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