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Clear Channel Outdoor Holdings unit upsizes, prices private debt offering

Clear Channel International B.V., an indirect, wholly owned subsidiary of Clear Channel Outdoor Holdings Inc., upsized and priced $150.0 million of additional 8.75% senior notes due 2020, an increase of $25.0 million over the amount it announced previously, for a private offering to qualified institutional buyers.

The notes will be issued as additional notes under the indenture governing $225.0 million of Clear Channel International's outstanding $8.75% senior notes due 2020, which were issued Dec. 16, 2015. The notes were priced at 104.0% of par, plus accrued and unpaid interest from June 15. Clear Channel International's existing and future subsidiaries will guarantee the notes.

The sale of the notes is expected to be completed on Aug. 14, subject to customary closing conditions.

Clear Channel International plans to use the net proceeds from the offering to make a cash distribution to its parent company, which will transfer them to Clear Channel CV. Clear Channel CV, in turn, plans to use the net proceeds received for general corporate purposes, including funding Clear Channel International's operating and capital expenses, as well as such expenses of its other subsidiaries and parent entities.

Clear Channel Outdoor Holdings is owned by iHeartMedia Inc.