• The Wall Street Journal, Wednesday, February 11, 2009 9:30 AM

Clear Channel Communications' bonds traded at sharply lower levels after the company announced this week that it was tapping an additional $1.6 billion in credit. Investors are becoming increasingly skeptical that the giant radio and outdoor advertising company will be able to pay back its loans.

Clear Channel's term loan due in 2016, among its most senior debt, traded around 45 cents on the dollar late on Tuesday. That is down from around 50 cents last week. A Clear Channel bond due in 2013 traded at 13 cents on the dollar, down from 15 cents at the start of February. That same bond was trading at 80 cents on the dollar a year ago.

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