Clear Channel Outdoor Holdings, Inc. (CCO): debt financing — Clear Channel Outdoor extends credit facility maturities to 2026, increases RBC commitments to $175M

Pursuant to the Receivables-Based Credit Agreement Amendment, among other things: (i) the maturity date of the Receivables-Based Credit Facility was extended to August 23, 2026; (ii) the revolving credit commitments were increased from $125,000,000 to $175,000,000; and (iii) the benchmark interest rate provisions were amended to replace the London Interbank Offered Rate (“LIBOR”) with a term rate based on the Secured Overnight Financing Rate (“Term SOFR”) for revolving loans extended in dollars, a term rate based on the Canadian Dollar Offered Rate (“CDOR”) for revolving loans extended in Canadian dollars, a term rate based on the Euro InterBank Offered Rate (“EURIBOR”) for revolving loans extended in euros, and a daily rate (“Adjusted Daily Simple RFR”) based on the Sterling Overnight Index Average (“SONIA”), for revolving loans extended in pounds sterling as the reference rates for purposes of calculating interest related to the Receivables-Based Credit Facility. Following the Receiv

Pursuant to the Credit Agreement Amendment, among other things: (i) the maturity date of the Revolving Credit Facility was extended to August 23, 2026; (ii) the revolving credit commitments were reduced from $175,000,000 to $150,000,000, with the full $150,000,000 of revolving credit commitments available through August 23, 2024 and $115,800,000 of such revolving credit commitments extending and available through August 23, 2026; (iii) the $125,000,000 letter of credit sub-facility remains available through August 23, 2024, with $96,500,000 of such commitments extending and available through August 23, 2026; and (iv) the benchmark interest rate provisions were amended to replace LIBOR with a term rate based on Term SOFR for revolving loans extended in dollars, a term rate based on CDOR for revolving loans extended in Canadian dollars, a term rate based on EURIBOR for revolving loans extended in euros, and Adjusted Daily Simple RFR based on SONIA for revolving loans extended in pounds s

On June 12, 2023, Clear Channel Outdoor Holdings, Inc. (the “Company”) entered into an amendment (the “Receivables-Based Credit Agreement Amendment”) to the Company’s receivables-based credit agreement, dated as of August 23, 2019 (as amended, restated, amended and restated, supplemented or otherwise modified, the “Receivables-Based Credit Agreement”) with Deutsche Bank AG New York Branch, as administrative agent and collateral agent, and the other lenders party thereto.

Concurrently with the entry into the Receivables-Based Credit Agreement Amendment, on June 12, 2023, the Company entered into an amendment (the “Credit Agreement Amendment” and together with the Receivables-Based Credit Agreement Amendment, the “Amendments”) to the Company’s credit agreement, dated as of August 23, 2019 (as amended, restated, amended and restated, supplemented or otherwise modified, the “Credit Agreement”), with Deutsche Bank AG New York Branch, as administrative agent and collateral agent, and the other lenders party thereto.