Clear Channel Outdoor Holdings, Inc. Announces Upsize & Pricing of Offering of 8.75% Senior Notes Due 2020 by Its Subsidiary ...
August 09 2017 - 5:42PM
Business Wire
Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) (the “Company”)
announced today that its indirect, wholly-owned subsidiary, Clear
Channel International B.V. (“Clear Channel International”), upsized
and priced an offering of $150.0 million aggregate principal amount
of additional 8.75% Senior Notes due 2020 (the “Notes”), an upsize
of $25.0 million over the amount previously announced.
The Notes will be issued as additional notes under the indenture
governing the outstanding $225.0 million in aggregate principal
amount of Clear Channel International’s 8.75% Senior Notes due 2020
that were issued on December 16, 2015. The Notes were priced at
104.0% of par, plus accrued and unpaid interest from June 15, 2017.
The sale of the Notes is expected to be completed on August 14,
2017, subject to customary closing conditions.
The Notes will be guaranteed by certain of Clear Channel
International’s existing and future subsidiaries (collectively, the
“Guarantors”). The Company will not guarantee or otherwise assume
any liability for the Notes. The Notes will be senior unsecured
obligations that rank pari passu in right of payment to all
unsubordinated indebtedness of Clear Channel International, and the
guarantees of the Notes will be senior unsecured obligations that
rank pari passu in right of payment to all unsubordinated
indebtedness of the Guarantors.
Clear Channel International intends to use the net proceeds of
the Notes to make a cash distribution to its parent company, which
will transfer the net proceeds to Clear Channel CV (an indirect
parent of Clear Channel International and a subsidiary of the
Company). Clear Channel CV intends to use the net proceeds it
receives for general corporate purposes, including to fund Clear
Channel International’s operating expenses and capital expenditures
as well as those of its other subsidiaries and its parent
entities.
The Notes and the related guarantees are being offered only to
“qualified institutional buyers” in reliance on the exemption from
registration pursuant to Rule 144A under the Securities Act of
1933, as amended (the “Securities Act”), and to persons outside of
the United States in compliance with Regulation S under the
Securities Act. The Notes and the related guarantees have not been
registered under the Securities Act, or the securities laws of any
state or other jurisdiction, and may not be offered or sold in the
United States without registration or an applicable exemption from
the Securities Act and applicable state securities or blue sky laws
and foreign securities laws.
This press release is for informational purposes only and does
not constitute an offer to sell or the solicitation of an offer to
buy the Notes or any other securities. The Notes offering is not
being made to any person in any jurisdiction in which the offer,
solicitation or sale is unlawful. Offers of the Notes are being
made only by means of a private offering circular.
About Clear Channel Outdoor Holdings, Inc. and Clear Channel
International B.V.
Clear Channel Outdoor Holdings, Inc. is one of the world’s
largest outdoor advertising companies with over 585,000 displays in
34 countries across five continents, including 43 of the 50 largest
markets in the United States. Clear Channel Outdoor Holdings, Inc.
offers many types of displays across its global platform to meet
the advertising needs of its customers. This includes a growing
digital platform that now offers more than 1,100 digital billboards
across 27 markets in the United States. Clear Channel International
B.V. operates in 17 countries across Asia and Europe in a wide
variety of formats.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements based on
the Company’s current management expectations. These
forward-looking statements include all statements other than those
made solely with respect to historical facts and include, but are
not limited to, the anticipated closing and use of proceeds of the
offering. Numerous risks, uncertainties and other factors may cause
actual results to differ materially from those expressed in any
forward-looking statements. Many of the factors that will determine
the outcome of the subject matter of this press release are beyond
the Company’s ability to control or predict. The Company undertakes
no obligation to revise or update any forward-looking statements,
or to make any other forward-looking statements, whether as a
result of new information, future events or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20170809006212/en/
Clear Channel Outdoor Holdings, Inc.Media:Wendy
Goldberg, 212-377-1105Executive Vice President,
CommunicationsorInvestors:Eileen McLaughlin,
212-377-1116Vice President, Investor Relations
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