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SAN ANTONIO – Clear Channel Outdoor (NYSE:) Holdings (NYSE: CCO), a leader in the outdoor advertising industry, today announced plans to issue $865 million in senior secured notes due 2030 in a private placement. Sales of these notes are subject to market conditions and other customary factors.
Our wholly-owned domestic subsidiaries guarantee these bonds, which, with certain exceptions, are collateralized by our assets and the assets of the guarantors. The move is part of a broader refinancing strategy that includes amending the company's existing senior secured credit facility to extend the maturity of its Term Loan B Facility from 2026 to 2028.
This offering and related guarantees are available only to qualified institutional investors in the United States and certain foreign investors pursuant to Regulation S under the Securities Act.
These Notes have not been registered under the Securities Act or any state or foreign securities laws and may not be offered or sold in the United States without registration or an applicable exemption.
The proceeds from the bond issuance are intended to prepay a portion of the Company's outstanding debt under its existing senior secured term loan facility, including accrued interest, and to cover related transaction fees and expenses.
The Company also announced that due to the pending offering of its debt offerings, it will not be able to accommodate any live audio webcasts or presentations at JPMorgan's 2024 Global High Yield & Leveraged Finance Conference, scheduled for February 27, 2024. They also announced that they would no longer provide replays.
Clear Channel Outdoor Holdings has a network of more than 330,000 print and digital displays in 19 countries and is known for innovation in the outdoor advertising space. The company aims to expand its advertiser base through the expansion of digital signage and displays, and the integration of data analytics and programmatic capabilities.
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