“Six months ago, if you’d have told me I could refinance $850 million worth of subordinated debt at 10%, I’d have looked at you like you were crazy…the demand for its debt is a sign of confidence.”
There’s finance and then there’s FINANCE.
There’s debt and then there’s DEBT. In this case subordinated debt.
The above quote is from the Chief Financial Officer of Clear Channel, Richard Bressler, the radio conglomerate I worked for. It’s a company with a debt load of $21 billion, a debt rolled up in just a few years. To put this into perspective it took the bankrupt city of Detroit about 40 years to go this deep underwater. Of course all debt is not bad debt. Some debt is good debt. Just like good and bad cholesterol.
Bressler certainly knows a lot more about managing money, paying and refinancing debt than I do and I…
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