CCO issues $750M of 9.000% senior secured notes due 2028 in private placement

Clear Channel Outdoor Holdings, Inc.

$750M aggregate principal of 9.000% Senior Secured Notes due September 15, 2028 issued on August 22, 2023.
Interest payable semi-annually on March 15 and September 15, starting March 15, 2024.
Notes are senior secured, rank pari passu with existing senior secured debt including 5.125% notes due 2027 and 7.750%/7.500% senior notes.
Company may redeem starting Sept 15, 2025 at specified prices; prior to that, make-whole redemption available.
Proceeds for general corporate purposes; covenants restrict debt incurrence, dividends, investments, and asset sales.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Clear Channel Outdoor Holdings, Inc. entered into Indenture with U.S. Bank Trust Company, National Association valued at $750 million (effective 2023-08-22).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association
Value: $750 million
Effective: 2023-08-22

Exact text from the filing

On August 22, 2023, Clear Channel Outdoor Holdings, Inc. (the “Company”) completed the sale of $750 million in aggregate principal amount of 9.000% Senior Secured Notes due 2028 (the “Notes”) in a private placement to persons reasonably believed to be 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 the United States in compliance with Regulation S under the Securities Act. The Notes were issued pursuant to an indenture, dated as of August 22, 2023 (the “Indenture”), among the Company, the subsidiaries of the Company acting as guarantors party thereto (collectively, the “Guarantors”) and U.S. Bank Trust Company, National Association, as trustee and as collateral agent.

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Source: SEC EDGAR

accession 0001193125-23-217979

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