This excerpt taken from the CCO 10-Q filed May 11, 2009.
Interest Expense (Including Interest on Debt with Clear Channel Communications) - Net
Interest expense increased $2.1 million during the three months ended March 31, 2009 as compared to the same period of 2008. Interest expense is a function of the rate on the $2.5 billion note to Clear Channel Communications. The interest rate is based on Clear Channel Communications weighted average cost of debt, which was 5.9% and 5.8% at March 31, 2009 and 2008, respectively.