SAN ANTONIO, July 22, 2019 /PRNewswire/ -- Clear Channel
Outdoor Holdings, Inc. (NYSE: CCO) ("Clear Channel Outdoor"), one
of the world's largest outdoor advertising companies, today
announced that it has commenced an underwritten public offering
(the "Offering") of its common stock. Clear Channel Outdoor
is proposing to sell 100 million shares of common stock and expects
to grant the underwriters a 30-day option to purchase up to 15
million additional shares of common stock.
Clear Channel Outdoor currently intends to use the net proceeds
of the Offering, together with cash on hand, to redeem
approximately $406 million aggregate
principal amount of the 9.25% Senior Subordinated Notes due 2024
(the "CCWH Notes") of Clear Channel Worldwide Holdings, Inc., a
subsidiary of Clear Channel Outdoor, on August 22, 2019. The amount of the CCWH Notes
expected to be redeemed is based on the expected size of the
Offering. The redemption is conditioned on the closing of the
Offering and the receipt by Clear Channel Outdoor of proceeds from
the Offering in an amount sufficient to pay the redemption
price. The conditional notice of redemption to be delivered
to holders of the CCWH Notes may be rescinded or amended if
necessary. This press release does not constitute a notice of
redemption and is qualified in its entirety by reference to the
conditional notice of redemption to be delivered pursuant to
the indenture that governs the CCWH Notes. If the underwriters for
the Offering exercise their option to purchase additional shares in
full, Clear Channel Outdoor intends to use the net proceeds to
redeem an additional approximately $41
million of CCWH Notes and approximately $20 million of the 8.75% Senior Notes due 2020 of
Clear Channel International B.V., a subsidiary of Clear Channel
Outdoor.
Morgan Stanley, J.P. Morgan Securities LLC, Barclays Capital
Inc., Citigroup Global Markets Inc. and Wells Fargo Securities, LLC
will act as book-running managers for the Offering.
A shelf registration statement on Form S-3 relating to the
public offering of the shares of common stock described above was
declared effective by the Securities and Exchange Commission (the
"SEC") on July 17, 2019. A
preliminary prospectus supplement and accompanying prospectus
describing the terms of the Offering has been filed with the SEC
and will be available on the SEC's website at www.sec.gov. A
copy of the preliminary prospectus supplement and the prospectus
relating to the Offering may be obtained from Morgan Stanley,
Attention: Prospectus Department, 180 Varick Street, 2nd Floor,
New York, NY 10014; J.P. Morgan
Securities LLC, c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, NY 11717,
or by phone at 1-866-803-9204; Barclays Capital Inc., c/o
Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717, or via email:
Barclaysprospectus@broadridge.com, or via telephone: 1-888-
603-5847; Citigroup Global Markets Inc., c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or via email at
prospectus@citi.com, or by phone at 1-800-831-9146; or Wells Fargo
Securities, LLC, Attention: Equity Syndicate Department, 375 Park
Avenue, New York, New York 10152,
or via email at cmclientsupport@wellsfargo.com, or by phone at
1-800-326-5897.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy any of these securities, nor shall
there be any sale of these securities in any state or jurisdiction
in which such an offer, solicitation or sale would be unlawful
prior to registration or qualification under the applicable
securities laws of such state or jurisdiction.
Note Regarding Forward-Looking Statements
This press release contains forward-looking statements based on
current Clear Channel Outdoor Holdings, Inc.'s 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, statements regarding the
offering and the size, timing 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. These risks, uncertainties
and other factors include, but are not limited to, whether or not
the offering will be consummated and the size, timing and use of
proceeds of the Offering. Many of the factors that will
determine the outcome of the subject matter of this press release
are beyond Clear Channel Outdoor Holdings, Inc.'s ability to
control or predict. Clear Channel Outdoor Holdings, Inc.
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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SOURCE Clear Channel Outdoor