The cash will come from Clear Channel Outdoor, which will test the waters of the debt market and offer $750 million in notes. All but $20 million will go to parent Clear Channel Communications. That’s about a third of the $2.5 billion the outdoor division owes to its parent company. The balance is due by next August.
 
If the first round goes well, it’s likely to be followed by other debt sales. The money would give Clear Channel some breathing room by paying down part of its $17 billion in debt. Over the last several months Clear Channel has shot down speculation it would need to seek bankruptcy protection and the modest revival of the debt markets makes that even less likely.