Clear Channel Outdoor has signed a new $75 million credit agreement with Deutsche Bank and other lenders to replace an existing $75 million credit line which was expiring in August.  The terms include:

• A borrowing base equal to 85% of eligible accounts receivable
•  borrowing rate equal to fed funds plus 1.5% or LIBOR plus 2%.
• A 0.375% annual commitment fee.
• Termination in 5 years (June 1, 2023) or 90 days prior to the maturity of debt having an aggregate amount in excess of $250 million.
• Covenants restricting Clear Channel Outdoor’s ability to incur additional debt, sell assets and make dividends and distributions.  The line also requires Clear Channel Outdoor to maintain a fixed charge coverage in excess of 1.0 times if draws on the line exceed a certain level.

Insiders take: Renewing the line allows Clear Channel Outdoor to turn to the much bigger task of refinancing the $2.5 billion in debt which expires in 2020.  Here’s a snapshot of what’s due when.

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