Clear Channel Outdoor (CCO) +13.4% premarket after announcing plans to raise ~$2.2B in debt to...

|About: Clear Channel Outdoor Holdi... (CCO)|By:, SA News Editor

Clear Channel Outdoor (CCO) +13.4% premarket after announcing plans to raise ~$2.2B in debt to pay for a $6.08/share one-time dividend. Proceeds will go toward paying a dividend to shareholders, including Clear Channel Holdings, which owns an 89% stake and will use the money to pay back secured debt that comes due in 2014.