Clear Channel Outdoor starts consent solicitation on $2.915B notes to aid merger

Clear Channel Outdoor Holdings, Inc.

Consent solicitation covers three series: $865M 7.875% notes due 2030, $1.15B 7.125% notes due 2031, $900M 7.5% notes due 2033.
Purpose: amend indentures to exclude merger from 'Change of Control' definition, avoiding potential repurchase at 101%.
Consent payments total $7.2875M ($2.1625M + $2.875M + $2.25M) across series; solicitation expires April 10, 2026.
Merger expected to close by end of Q3 2026; consent solicitation not a condition to merger completion.
If consent not obtained, Company must make Change of Control Offer within 30 days at 101% of principal plus accrued interest.

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