Offering follows Clear Channel buying spree.(Clear Channel Communications Inc. stock sale)

Broadcasting & Cable, June, 1996 by Rathbun, Elizabeth A.

After a flurry of station purchases, Clear Channel Communications Inc. is selling 2.5 million shares of stock to pay down its debt, according to a company filing with the Securities and Exchange Commission.

The net proceeds of the offering are expected to be about $187.2 million, assuming a price of $78 per share. As of May 15, the company had borrowed $498 million at 6.1%, the filing says. Once the offering is completed--and with an increased credit facility of $800 million--Clear Channel will have enough money to consummate its pending acquisitions, the filing says.

And what a bunch of acquisitions it is. Clear Channel has deals pending for 34 radio and one TV station in 15 markets. Clear Channel already operates nine of those radio stations under...

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