<div><p>NEW YORK (Reuters) - Debt-laden radio company Clear Channel on Monday said its outdoor unit completed raising $2.5 billion in the high-yield debt market, removing concerns about the company's short-term liquidity.</p><p>Proceeds will be used to repay debt owed to Clear Channel.</p><p>Private equity firms THL Partners <THL.UL> and Bain Capital together bought radio operator Clear Channel in 2008 in a $17.9 billion deal.</p><p>The company, burdened with about $20 billion debt as of September 30, faced declining advertising spending as the financial crisis forced companies to cut back.</p><p>Its subsidiary Clear Channel Outdoor, which is majority owned by Clear Channel and sells billboard and transit advertising, in November reported a 19 percent decrease in revenues over the previous year.</p><p>Clear Channel said in a regulatory filing that it expects to be in compliance with its covenants under its senior secured credit facilities for the remainder of 2009 and through 2010.</p><p>The notes were priced earlier this month at par to yield 9.25 percent, or 602 basis points over U.S. Treasuries.</p><p>Goldman Sachs, Citi, Credit Suisse, Deutsche Bank, and Morgan Stanley were the joint bookrunners for the sale.</p><p>(Reporting by Megan Davies and Karen Brettell; Editing by Leslie Adler)</p><img src="http://admatch-syndication.mochila.com/images/ad.gif?aid=66072949&bid=informcom" /></div><div id="copyright"><div>

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