Clear Channel Outdoor secures $375M term loan to refinance senior notes

Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) has announced that its subsidiary, Clear Channel International B.V. (CCIBV), has entered into a credit agreement for a new term loan facility totaling $375.0 million. This facility consists of two tranches of term loans: a fixed rate tranche of $300.0 million bearing interest at 7.5% per annum, and a floating rate tranche of $75.0 million bearing interest at the benchmark rate "term SOFR" plus 2.25% per annum.

The CCIBV term loan facility matures on April 1, 2027, and does not have scheduled amortization payments prior to the maturity date. The company used the proceeds of the term loan facility, along with cash on hand, to redeem all of its outstanding 6.625% senior secured notes due 2025 with an aggregate principal amount of $375.0 million and to pay certain related transaction fees and expenses.

Notably, the company's dynamic advertising platform, which includes digital billboards and displays, has expanded to more than 330,000 print and digital displays in 19 countries. This expansion has broadened the pool of advertisers using its medium and has integrated data analytics and programmatic capabilities to deliver measurable campaigns that are simpler to buy.

Today the company's shares have moved -0.6% to a price of $1.57. For more information, read the company's full 8-K submission here.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.