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Clear Channel Outdoor Holdings, Inc. Commences Consent Solicitation Relating to its Senior Secured Notes
Clear Channel Outdoor Holdings, Inc. ("Clear Channel" or the "Company") (NYSE: CCO) announced today that it has commenced a consent solicitation (the "Consent Solicitation") with respect to its outstanding senior secured notes (the "Senior Secured Notes"), consisting of (i) $865,000,000 aggregate principal amount of 7.875% Senior Secured Notes due 2030 (CUSIPs 18453HAF3 and U1828LAE8); (ii) $1,150,000,000 aggregate principal amount of 7.125% Senior Secured Notes due 2031 (CUSIPs 18453HAG1 and U1
About this update from Clear Channel Outdoor Holdings, Inc.
[{"type":"text","content":"SAN ANTONIO, April 6, 2026 /PRNewswire/ -- Clear Channel Outdoor Holdings, Inc. ("Clear Channel" or the "Company") (NYSE: CCO) announced today that it has commenced a consent solicitation (the "Consent Solicitation") with respect to its outstanding senior secured notes (the "Senior Secured Notes"), consisting of (i) $865,000,000 aggregate principal amount of 7.875% Senior Secured Notes due 2030 (CUSIPs 18453HAF3 and U1828LAE8); (ii) $1,150,000,000 aggregate principal amount of 7.125% Senior Secured Notes due 2031 (CUSIPs 18453HAG1 and U1828LAF5); and (iii) $900,000,000 aggregate principal amount of 7.500% Senior Secured Notes due 2033 (CUSIPs 18453HAH9 and U1828LAG3), to approve certain Proposed Amendments (as defined below) to the indentures governing the Senior Secured Notes (each, an "Indenture" and, together, the "Indentures").","length":903,"tagName":"p"},{"type":"text","content":"As previously disclosed, on February 9, 2026, the Company entered into an Agreement and Plan of Merger (the "Merger Agreement") with Madison Parent Inc. ("Parent") and Madison Merger Sub Inc., a wholly owned subsidiary of Parent ("Merger Sub"), pursuant to which Merger Sub will merge with and into the Company (the "Merger"), with the Company surviving as a wholly owned subsidiary of Parent. The consummation of the Merger would constitute a "Change of Control" under each Indenture and, absent an amendment of each Indenture, would require the Company to make a "Change of Control Offer" to repurchase the Senior Secured Notes at 101% of the principal amount of the Senior Secured Notes plus accrued and unpaid interest.","length":783,"tagName":"p"},{"type":"text","content":"The purpose of the Consent Solicitation is to (i) amend the definition of "Change of Control" in each of the Indentures to provide that the Merger and the other transactions contemplated by the Merger Agreement do not constitute a "Change of Control", (ii) amend the definition of "Permitted Holder" in each of the Indentures to provide that certain investment funds affiliated with Mubadala Capital LLC and TWG Global LLC and their related investment vehicles shall be "Permitted Holders" and (iii) waive any and all Defaults or Ev...