Clear channel communications made the most of the frothy high-yield market last week, printing a new deal to chip away at its 2016 maturity wall, which analysts last year thought could lead to a default. While the US media giant paid a price for the US$850m trade - a 10% coupon on just a 3.75-year maturity - it succeeded in convincing investors it will be able to navigate the road ahead. "The due debt in 2016 is meaningful, but it is significantly lower than it was, say, 12 to 18 months ago," said Mitch Reznick, co-head of credit at Hermes Fund Managers. Proceeds from the new trade will refinance its 5.5% US$408.6m senior notes maturing in 2014 and 4.9% US$241m senior bonds maturing in 2015.
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