insane dividends

[wzebra33]

Clear Channel Outdoor’s board declared a special dividend of about $6.08 a share on Class A and Class B stock, payable March 15 to stockholders of record as of March 12. The San Antonio-based company CCO +10.51% said the total about to be distributed via the special dividend will amount to nearly $2.17 billion. Payment of the dividend is subject to completion of a private offering of $1.93 billion of 7.625% Series B senior subordinated notes due 2020 and $275 million of 7.625% Series A senior subordinated notes due 2020. Closing is scheduled for March 15, Clear Channel Outdoor said.