Clear Channel Outdoor Holdings Inc. priced an offering of $1.25 billion of its 5.125% senior secured notes due 2027.
The offering is part of a refinancing transaction. Clear Channel plans to enter into new senior secured credit facilities consisting of a $2.00 billion term loan B facility and a $175 million revolving credit facility, which will close concurrently with the new notes offering.
The company intends to use net proceeds from the debt offering to redeem Clear Channel Worldwide's outstanding 6.50% series A and series B senior notes due 2022 and Clear Channel International BV's outstanding 8.75% senior notes due 2020, as well as to pay fees and expenses related to the refinancing transactions.
Clear Channel expects the sale of notes to be completed Aug. 23, subject to customary closing conditions.