#Senior Secured Notes #Clear Channel #NYSE CCO

Clear Channel Outdoor Holdings, Inc. Pricing Announcement

Clear Channel Outdoor Holdings, Inc. (NYSE: CCO), a significant player in the out-of-home advertising industry, made headlines on July 21, 2025, by pricing a substantial offering of Senior Secured Notes. This marks a pivotal moment for the company as it seeks to raise capital for important financial maneuvers.

Offering Details

The company announced the pricing of $1.15 billion in aggregate principal amount of 7.125% Senior Secured Notes, set to mature in 2031. Additionally, the offering includes another $900 million of 7.500% Senior Secured Notes, which are due in 2033. The completion of this offering is anticipated to occur on August 4, 2025, under the condition that customary closing requirements are met.

Security and Guarantees

In a bid to reassure investors, the notes will carry senior secured guarantees from several of Clear Channel's wholly owned domestic subsidiaries. They will be secured, excluding specific exceptions, on a first-priority basis by interests in all assets associated with both Clear Channel and the Guarantors. This includes existing senior secured credit facilities and senior secured notes. On a second-priority basis, they will be supported by assets related to accounts receivable, which are tied to the company’s Receivables-Based Credit Facility.

Use of Proceeds

Clear Channel intends to utilize the net proceeds from this securities offering, combined with available cash, to redeem its outstanding 5.125% Senior Secured Notes maturing in 2027 and 9.000% Senior Secured Notes due in 2028. They also plan to cover associated transaction fees and expenses, which should solidify their financial position moving forward.

Offering Specifications

It is important to note that these Senior Secured Notes are offered exclusively to entities that are considered