Clear Channel Outdoor Holdings Inc. said Wednesday it is drawing down $150 million of its revolving credit facility as it works to preserve cash on its balance sheet in the midst of the coronavirus pandemic. The outdoor ad company said it had about $399 million in cash at end December, including $38 million from Clear Media Limited, an indirect, non-wholly owned subsidiary based in China. "Together with the $150 million 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 $549 million," the company said in a statement. The drawdown from the revolver will not impact the company's first lien leverage ratio, which stood at about 4.75x at year-end, which is well below the maximum 7.60x under the terms of the company's Senior Secured Credit Facilities. The company will provide an update on its first-quarter earnings call. "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," Chief Executive William Eccleshare said in a statement. "In light of the uncertainty presented by the unprecedented pandemic, we expect that future results will be difficult to forecast." Shares were not yet active premarket, but have fallen 92% in the last 12 months, while the S&P 500 has fallen 13%.

Clear Channel Outdoor (CCO) delivered earnings and revenue surprises of -62.50% and 5.50%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?

Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) ("the Company") today reported financial results for the quarter ended March 31, 2020.

Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (the "Company"), one of the world's largest outdoor advertising companies, today announced that it has entered into an agreement to irrevocably tender to sell its 50.91% stake in Clear Media Limited ("Clear Media"), an indirect, non-wholly owned subsidiary of the Company based in China, to Ever Harmonic Global Limited ("Ever Harmonic"). The Company also provided an update regarding its initiatives to increase liquidity and preserve financial flexibility in response to the impact of COVID-19 and is withdrawing its guidance for 2020, previously provided on February 27, 2020.

Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (the "Company"), one of the world's largest outdoor advertising companies, today announced it has drawn down $150 million available under its Revolving Credit Facility to increase liquidity and preserve financial flexibility.

Coronavirus is probably the 1 concern in investors’ minds right now. It should be. On February 27th we publish an article with the title "Recession is Imminent: We Need A Travel Ban NOW". We predicted that a US recession is imminent and US stocks will go down by at least 20% in the next 3-6 […]

Moody's Investors Service, ("Moody's") affirmed iHeartCommunications, Inc.'s (iHeart) B2 Corporate Family Rating (CFR) and B2-PD Probability of Default Rating (PDR). The B1 rating on the senior secured term loan, B1 rating on the senior secured notes, and Caa1 rating on the senior unsecured notes were also affirmed.

The company's closing price hit its lowest in late-March as the effects of the pandemic were pummeling the market.

Shares of Clear Channel Outdoor (NYSE:CCO) rose 2.3% in pre-market trading after the company reported Q1 results.Quarterly Results Earnings per share were up 26.67% over the past year to ($0.33), which missed the estimate of ($0.20).Revenue of $550,809,000 lower by 6.18% from the same period last year, which missed the estimate of $552,970,000.Guidance Earnings guidance hasn't been issued by the company for now.Clear Channel Outdoor hasn't issued any revenue guidance for the time being.Details Of The Call Date: May 06, 2020View more earnings on CCOTime: 03:01 PM ETWebcast URL: https://event.on24.com/eventRegistration/eventRegistrationServlet?referrer=https%3A%2F%2Finvestor.clearchannel.com%2Fevents-and-presentations%2Fdefault.aspx&eventid=2328913&sessionid=1&key=3FECF3E12942B9B6F5FD47EBA6B0EC7F®Tag=Price Action 52-week high: $5.4752-week low: $0.36Price action over last quarter: down 60.39%Company Overview Clear Channel Outdoor Holdings Inc is one of the world's largest outdoor advertising companies. The company is engaged in providing advertising opportunities through billboards, street furniture displays, transit displays, and other out-of-home advertising displays for its clients. Its reportable segment includes Americas outdoor advertising and International outdoor advertising. The company generates a majority of its revenue from the Americas outdoor advertising.See more from Benzinga * 7 Communication Services Stocks Moving In Monday's Pre-Market Session * 5 Communication Services Stocks Moving In Friday's Pre-Market Session(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Sumo Logic, the leader in continuous intelligence, today announced the appointment of Sandra Bergeron to its board of directors as an independent board member. The company also expanded its advisory board with the addition of Lisa Hammitt, an artificial intelligence (AI) industry veteran.

Investors need to pay close attention to Clear Channel Outdoor (CCO) stock based on the movements in the options market lately.

Clear Channel Airports (CCA), the Americas-based airports business of Clear Channel Outdoor Holdings, Inc. (NYSE: CCO), announced today that through a five-year competitive contract renewal with Signature Flight Support, the world's largest network of Fixed Based Operations (FBOs), it will transform the media and marketing approach for over 140 private aviation terminals throughout North America and the Caribbean. As the exclusive advertising partner to Signature Flight Support, CCA's new media programs will provide leading global brand partners with exclusive foundation sponsorships and experiential advertising opportunities across the country's private air facilities.

Image source: The Motley Fool. Clear Channel Outdoor Holdings Inc (NYSE: CCO)Q1 2020 Earnings CallMay 6, 2020, 8:30 a.m. ETContents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: OperatorLadies and gentlemen, thank you for standing by.

Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (the "Company") today announced that on April 10, 2020, the Company received formal notice from the New York Stock Exchange ("NYSE") that it was not in compliance with the NYSE's continued listing standards as a result of the average closing price of the Company's common stock being less than $1.00 per share over a consecutive 30 trading-day period.

Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (the "Company"), today announced that Clear Channel KNR Neth Antilles N.C., an indirect wholly owned subsidiary of the Company, has tendered its shares representing the Company's 50.91% stake in Clear Media Limited ("Clear Media"), an indirect, non-wholly owned subsidiary of the Company based in China, to Ever Harmonic Global Limited ("Ever Harmonic") for approximately $253 million*. Following receipt of the tendered shares, Ever Harmonic declared its voluntary cash general offer unconditional in all respects on April 28, 2020.

With strict lockdowns across the globe in the wake of coronavirus outbreak, people are spending more time indoor on various media platforms and streaming video services.

Aimia Acquires Stake in Clear Media Limited

Moody's Investors Service (Moody's) affirmed Clear Channel Outdoor Holdings, Inc's (Clear Channel) B3 Corporate Family Rating (CFR) and B3-PD Probability of Default Rating (PDR). In addition, the secured bank credit facility and secured notes were affirmed at B1 and the senior subordinated notes issued by subsidiary, Clear Channel Worldwide Holdings, Inc. were affirmed at Caa2. Clear Channel's outlook was changed to negative from stable due to the impact of the coronavirus outbreak on outdoor advertising revenue and discretionary consumer spending, which Moody's expects will substantially reduce revenue, profitability and liquidity during 2020.

Companies hard-hit by the pandemic rushed to raise debt last month, encouraged by the Federal Reserve's intervention to support the credit market. Since March 24, the day after the Fed announced its unprecedented stimulus programs, 23 companies have borrowed money in the public market at a rate of 9% or higher, according to data from Tom Graff, head of fixed income at Brown Advisory and from Refinitiv Eikon and MarketAxess. Of those 23, new bonds from pharmaceutical company Mallinckrodt, movie theater chain AMC Entertainment and billboard giant Clear Channel Outdoor are trading around 80 cents on the dollar, a 20 point fall in the two months since they were issued, the data showed.

Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (the "Company") announced today that its board of directors (the "Board") unanimously adopted a shareholder rights plan (the "Rights Plan") to protect the interests of all Company shareholders.