Clear Channel Outdoor Holdings Inc.'s indirect, wholly owned subsidiary Clear Channel International BV plans to offer $125.0 million of 8.75% senior notes due 2020 in a private offering to qualified institutional buyers.
The notes will be issued as additional notes under the indenture governing the outstanding $225.0 million of the 8.75% senior notes due 2020 that were issued Dec. 16, 2015. The notes will be guaranteed by certain of Clear Channel International's existing and future subsidiaries.
Clear Channel International plans to use the net proceeds from the offering to make a cash distribution to its parent company, which will transfer the net proceeds to Clear Channel CV. Clear Channel CV plans to use the net proceeds it will receive for general corporate reasons, including to fund Clear Channel International's operating and capital expenses as well as those of its other units and its parent entities.
IHeartMedia Inc. owns Clear Channel Outdoor Holdings.