Clear Channel Outdoor Plans Dividend to Repay Debt

(Corrects use of proceeds in first, third paragraphs.)

Clear Channel Outdoor Holdings Inc. (CCO), the billboard company controlled by Bain Capital Partners LLC and Thomas H. Lee Partners LP, plans to pay a $2.2 billion dividend, mostly to repay debt.

The dividend of $6.08 a share will be paid March 15 to holders of record as of March 12, according to a Business Wire statement today from the San Antonio-based company.

Proceeds from the issuance will go toward paying a dividend to shareholders, including Clear Channel Holdings Inc., a subsidiary of Clear Channel Communications Inc., which owns an 89 percent stake and will use the money to pay back secured debt that comes due in 2014, according to the statement.

To contact the reporter on this story: Rob Golum in Los Angeles at rgolum@bloomberg.net

To contact the editor responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net

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