Clear Channel Prices Senior A Notes
November 6, 2012 at 11:09 AM (PT)
CLEAR CHANNEL OUTDOOR HOLDINGS, INC. has announced the pricing of $735,750,000 aggregate principal amount of 6.5% Series A Senior Notes due 2022, which will be issued at an issue price of 99.0% of par, and $1,989,250,000 aggregate principal amount of 6.5% Series B Senior Notes due 2022. The Company anticipates that the closing of the private offering will take place on NOVEMBER 19th, 2012, subject to customary closing conditions.
CLEAR CHANNEL WORLDWIDE intends to use the net proceeds from this offering, together with cash on hand, to pay the consideration in a concurrent tender offer CLEAR CHANNEL WORLDWIDE has undertaken in respect of its existing 9.25% Series A Senior Notes due 2017 and its existing 9.25% Series B Senior Notes due 2017, and to pay all related fees and expenses. CLEAR CHANNEL WORLDWIDE currently intends to call for redemption on the closing date of this offering any Existing Notes that have not been tendered pursuant to the tender offer and to use the remaining net proceeds of this offering, together with cash on hand, to satisfy its obligations thereunder.