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.
