Radio broadcaster Clear Channel Communications will be able to pay down a portion of its $20 billion debt load following the closing of a high-yield senior notes offering by subsidiary Clear Channel Outdoor Holdings, Inc. (CCOH) that raised $2.5 billion. Proceeds from the sale, which was completed on Monday, will be used by CCOH to repay approximately $2 billion in debt owed to Clear Channel, which—like other U.S. radio broadcasters—has been hit hard this year by declining advertising revenues. According to a company press release, Clear Channel will use these repaid funds to offset a “significant portion” of its senior secured credit facilities and thus strengthen “the capital structure of both [CCOH] and Clear Channel Communications meaningfully in the short and long term.” Specifically, the offering consisted of $2 billion in Series B Senior Notes and $500 million in Series A Senior Notes that are due to mature in 2017 at a yield of 9.25%. The company further noted that the size of the offering was “increased significantly,” thus reflecting “high demand from leading institutional investors as well as investor confidence in the overall strength and competitive position of [CCOH] businesses.” (CCOH sells billboard and transit advertising.)