Clear Channel Outdoor Announces $865M Senior Secured Notes Offering

Clear Channel Outdoor Holdings, Inc. has announced a proposed private offering of senior secured notes due 2030, totaling $865,000,000. The company intends to use the proceeds to prepay a portion of the borrowings outstanding under its existing senior secured term loan facility and to pay related transaction fees and expenses.

This offering is part of a refinancing transaction, which includes an amendment to the existing senior secured credit facilities, expected to extend the maturity of the company’s term loan B facility from 2026 to 2028, among other amendments. The company expects to close this transaction concurrently with the offering of the notes.

The notes will be guaranteed on a senior secured basis by certain of the company’s wholly owned domestic subsidiaries and will be secured, subject to permitted liens and certain other exceptions, on a first-priority basis by security interests in all of the company’s and the guarantors’ assets.

The company has not made available a live audio webcast or a replay of its presentation at the J.P. Morgan’s 2024 Global High Yield & Leveraged Finance Conference, due to the offering of the notes.

Clear Channel Outdoor Holdings operates a dynamic advertising platform that includes digital billboards and displays, data analytics, and programmatic capabilities across more than 330,000 print and digital displays in 19 countries. The market has reacted to these announcements by moving the company's shares 5.3% to a price of $1.98. If you want to know more, read the company's complete 8-K report here.

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