Clear Channel Outdoor launches Dutch auction for some term B debt

By Sara Rosenberg

New York, Aug. 8 – Clear Channel Outdoor Holdings Inc. launched a Dutch auction for a portion of its term loan B due 2026 at a price of 96.5 to 99.375, according to a market source.

Initially, the company was looking to repay up to $490 million of the term loan B, but that amount was later increased by $175 million.

Morgan Stanley Senior Funding Inc. is the sole auction agent. Deutsche Bank is the administrative agent on the loan.

Participation notices are due from lenders by 5 p.m. ET on Monday, and lenders will be informed of results by 1 p.m. ET on Aug. 17, the source added.

The settlement date for the Dutch auction is Aug. 22.

Funds for the Dutch auction will come from the sale of $750 million of senior secured notes, upsized from $500 million with the extra proceeds raised being used for the term loan B paydown increase and $75 million is available for general corporate purposes.

The notes will also be used to pay related fees and expenses.

Clear Channel Outdoor is a New York-based provider of out-of-home display advertising such as digital billboards, posters, panels, wallscapes and mobile advertising services.

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