This excerpt taken from the CCO 8-K filed Jun 5, 2009.
Announces it is Pursuing Certain Financing Alternatives
San Antonio, TX, June 2, 2009. Clear Channel Outdoor Holdings, Inc. (CCOH) announced today that it is actively pursuing alternatives to address the maturity of the intercompany note payable by it to its parent company Clear Channel Communications, Inc. The alternatives may include an offering of new senior or senior subordinated notes for cash or an exchange of new senior or subordinated notes for outstanding indebtedness, with the intention of any such transaction being to refinance the intercompany note. The timing and structure of any transaction will depend on market conditions. The amounts involved may be material. There can be no assurance that any transaction will take place, the timing of any transaction or that it will be successful.