Clear Channel Outdoor Holdings, Inc. announced the pricing of its private offering of $1,150.0 million aggregate principal amount of 7.125% Senior Secured Notes due 2031 and $900 million aggregate principal amount of 7.500% Senior Secured Notes due 2033. The total aggregate principal amount for the offering is $2,050.0 million. The issuance and sale of these new notes are expected to be completed on August 4, 2025, subject to customary closing conditions.
The new notes will be guaranteed on a senior secured basis by certain of the company's wholly-owned domestic subsidiaries. They will be secured on a first-priority basis by security interests in all of the company's and guarantors' assets, excluding accounts receivable and related assets securing the existing receivables-based credit facility. A second-priority basis will apply to the receivables and related assets.
The company intends to use the net proceeds from this offering, along with cash on hand, to redeem all of its outstanding 5.125% Senior Secured Notes due 2027 and 9.000% Senior Secured Notes due 2028. This refinancing effort aims to extend the company's debt maturity profile and reduce its overall interest burden.
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