Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (the “Company”) announced today the closing of a private offering of $735,750,000 aggregate principal amount of 6.50% Series A Senior Notes due 2022, which were issued at an issue price of 99.0% of par, and $1,989,250,000 aggregate principal amount of 6.50% Series B Senior Notes due 2022, which were issued at par (together, the “Notes”), by its indirect, wholly-owned subsidiary, Clear Channel Worldwide Holdings, Inc. (“Clear Channel Worldwide”).
Clear Channel Worldwide used the net proceeds from the offering of the Notes, together with cash on hand, to (i) fund the repurchase of Clear Channel Worldwide’s existing 9.25% Series A Senior Notes due 2017 (the “Existing Series A Notes”) and its existing 9.25% Series B Senior Notes due 2017 (the “Existing Series B Notes” and together with the Existing Series A Notes, the “Existing Notes”) on the early settlement date of the previously announced tender offer for the Existing Notes as described below, (ii) make a deposit with the trustee to fund the redemption of the Existing Notes that remained outstanding following the early settlement of the tender offer, and (iii) pay all related fees and expenses.
The Company announced today the early settlement of Clear Channel Worldwide’s tender offer with respect to its Existing Notes. On November 19, 2012, Clear Channel Worldwide purchased $280,455,000 aggregate principal amount of Existing Series A Notes (approximately 56% of outstanding Existing Series A Notes) and $1,444,002,000 aggregate principal amount of Existing Series B Notes (approximately 72% of outstanding Existing Series B Notes) that had been tendered prior to 5:00 p.m., New York City time, on November 16, 2012 (such date and time, the “Early Tender Date”).
The Company also announced today that Clear Channel Worldwide has called for redemption all of the remaining Existing Notes that were not purchased on the early settlement date of the tender offer, in accordance with the redemption provisions of the indentures governing the Existing Notes (the “Existing Notes Indentures”). The redemption date for the remaining outstanding Existing Notes will be December 19, 2012 (the “Redemption Date”). The redemption price for the remaining outstanding Existing Notes will be 106.9375% of the principal amount of the remaining outstanding Existing Notes, or $1,069.38 per $1,000.00 principal amount of Existing Notes, plus accrued and unpaid interest to, but not including, the Redemption Date. In connection with the redemption, Clear Channel Worldwide satisfied and discharged its obligations under the Existing Notes Indentures in accordance with the satisfaction and discharge provisions of the Existing Notes Indentures, by depositing with the trustee sufficient funds to pay all amounts owed in connection with the redemption of the remaining outstanding Existing Notes. As a result of the satisfaction and discharge of the Existing Notes Indentures, Clear Channel Worldwide has been released from its remaining obligations under the Existing Notes Indentures and the Existing Notes.