SAN
ANTONIO, March 25, 2024 /PRNewswire/ -- Clear
Channel Outdoor Holdings, Inc. (NYSE: CCO) (the "Company")
announced today that the Company's indirect, wholly owned
subsidiary, Clear Channel International B.V. ("CCIBV"), entered
into a credit agreement (the "CCIBV Credit Agreement") on
March 22, 2024 (the "Closing Date")
governing CCIBV's new term loan facility (the "CCIBV Term Loan
Facility"). Under the agreement, JPMorgan Chase Bank, N.A. serves
as administrative agent and collateral agent, and J.P. Morgan SE
serves as lead arranger and bookrunner.
The CCIBV Term Loan Facility is comprised of two tranches of
term loans (the "Term Loans"), totaling an aggregate principal
amount of $375.0 million: (1) a
"fixed rate" tranche of term loans in an aggregate principal amount
of $300.0 million (the "Fixed Rate
Term Loan Tranche"), bearing interest at a fixed rate of 7.5% per
annum; and (2) a "floating rate" tranche of term loans in an
aggregate principal amount of $75.0
million (the "Floating Rate Term Loan Tranche"), bearing
interest at a floating rate equal to the benchmark rate "Term SOFR"
plus 2.25% per annum (subject to a floor rate of 5.25% per annum).
The CCIBV Term Loan Facility matures on April 1, 2027 (the "Maturity Date") and has no
scheduled amortization payments prior to the Maturity Date.
The CCIBV Credit Agreement, among other covenants and
obligations, requires CCIBV to make certain mandatory prepayments,
subject to certain requirements and exceptions, and permits CCIBV
to make voluntary prepayments at its discretion. Any principal
payments in respect of the Term Loans made in connection with
certain asset sales, a "change of control" (or a sale of all or
substantially all of CCIBV's assets) or a similar transformative
transaction may be prepaid at par and will not be subject to any
premium.
Otherwise, generally, prior to the first anniversary of the
Closing Date, principal payments in respect of the Term Loans will
be subject to a customary make-whole premium and, thereafter, a
customary step-down until the third anniversary of the Closing
Date, after which the Term Loans may be prepaid at par and will not
be subject to any premium.
CCIBV used the proceeds of the CCIBV Term Loan Facility,
together with cash on-hand, to redeem all of its outstanding 6.625%
senior secured notes due 2025 with an aggregate principal amount of
$375.0 million and to pay certain
related transaction fees and expenses.
Additional information on the CCIBV Term Loan Facility and the
form of credit agreement related thereto is available in a Current
Report on Form 8-K filed by the Company with the Securities and
Exchange Commission.
About Clear Channel Outdoor Holdings
The Company is at the forefront of driving innovation in the
out-of-home advertising industry. The Company's dynamic advertising
platform is broadening the pool of advertisers using its medium
through the expansion of digital billboards and displays and the
integration of data analytics and programmatic capabilities that
deliver measurable campaigns that are simpler to buy. By leveraging
the scale, reach and flexibility of its diverse portfolio of
assets, the Company connects advertisers with millions of consumers
every month across more than 330,000 print and digital displays in
19 countries, excluding countries held for sale.
Cautionary Statement Concerning Forward-Looking
Statements
Certain statements in this release constitute "forward-looking
statements," including within the meaning of the safe harbor
provisions of the U.S. Private Securities Litigation Reform Act of
1995, as amended. These forward-looking statements include, but are
not limited to, all statements other than those made solely with
respect to historical facts and include, but are not limited to,
statements related to the CCIBV Term Loan Facility. The words
"will," "believe," "expect," "anticipate," "continue," "look
forward to," "well-positioned to," "remains," "further,"
"estimate," "forecast," "goals," "targets" and similar words and
expressions are intended to identify such forward-looking
statements. In addition, numerous risks, uncertainties and other
factors may cause actual results to differ materially from those
expressed in any forward-looking statements. These risks,
uncertainties and other factors include, but are not limited to,
whether the consummation of any asset sales and the timing and use
of proceeds related thereto. Many of the factors that will
determine the outcome of the subject matter of this press release
are beyond the Company's ability to control or predict. The Company
undertakes no obligation to revise or update any forward-looking
statements, or to make any other forward-looking statements,
whether as a result of new information, future events or
otherwise.
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SOURCE Clear Channel Outdoor Holdings, Inc.