Clear Channel Outdoor Holdings, Inc. announced that it priced an offering of $865,000,000 aggregate principal amount of 7.875% Senior Secured Notes due 2030. The issuance and sale of the Notes is expected to be completed on March 18, 2024, subject to customary closing conditions. The Notes will be guaranteed on a senior secured basis by certain of the Company?s wholly owned domestic subsidiaries (the ?Guarantors?).

The Notes and the related guarantees will be secured, subject to permitted liens and certain other exceptions, on a first-priority basis by security interests in all of the Company?s and the Guarantors? assets securing the Company?s existing senior secured credit facilities and existing senior secured notes (other than accounts receivable and related assets securing the Company?s existing receivables-based credit facility (the ?Receivables Facility?)) and, on a second-priority basis, by accounts receivable and related assets securing the Receivables Facility. The Offering of the Notes is part of a refinancing transaction whereby the Company intends to enter into an amendment to its existing senior secured credit facilities, which is expected to extend the maturity of the Company?s term loan B facility from 2026 to 2028, among other amendments.

The Company expects to close this transaction concurrently with the closing of the Offering of the Notes. The closing of the Offering of the Notes is not conditioned on the closing of any amendment to the Company?s existing senior secured credit facilities.