SAN ANTONIO - Clear Channel Outdoor (NYSE:CCO) Holdings, Inc. (NYSE: CCO), a leader in outdoor advertising, announced today its plans to issue $865 million in Senior Secured Notes due 2030 in a private offering. The sale of these notes is contingent on market conditions and other customary factors.
The company's wholly owned domestic subsidiaries will guarantee these notes, which are to be secured by the company's and the guarantors' assets, with certain exceptions. This move is part of a broader refinancing strategy, which includes amending the company's existing senior secured credit facilities to extend the maturity of its term loan B facility from 2026 to 2028.
The offering and the related guarantees will be available only to qualified institutional buyers in the United States and to certain international investors in compliance with Regulation S under the Securities Act.
These notes have not been registered under the Securities Act or any state or foreign securities laws and, therefore, cannot be offered or sold in the United States without registration or an applicable exemption.
Proceeds from the note offering are intended to prepay a portion of the outstanding borrowings under the company's existing senior secured term loan facility, including accrued interest, as well as to cover related transaction fees and expenses.
The company has also announced that it will not be providing a live audio webcast or a replay of its presentation at J.P. Morgan's 2024 Global High Yield & Leveraged Finance Conference scheduled for February 27, 2024, due to the pending offering of the Notes.
Clear Channel Outdoor Holdings is recognized for its innovation in the out-of-home advertising space, with a network of over 330,000 print and digital displays across 19 countries. The company aims to broaden its advertiser base through the expansion of digital billboards and displays, and by integrating data analytics and programmatic capabilities.
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