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Clear Channel Outdoor closes on $2.3 billion credit facilities
By Sara Rosenberg
New York, Aug. 23 – Clear Channel Outdoor Holdings Inc. closed on Friday on its $2.3 billion of credit facilities, according to an 8-K filed with the Securities and Exchange Commission.
The facilities consist of a $125 million five-year asset-based revolver, a $175 million five-year undrawn revolver (B1/B+/BB-) and a $2 billion seven-year covenant-lite first-lien term loan B (B1/B+/BB-).
Pricing on the ABL revolver is Libor plus 200 basis points. The spread can step-down to Libor plus 175 bps after Sept. 30 and based on average excess availability.
The revolver is priced at Libor plus 350 bps. The spread can step-down to Libor plus 325 bps based on first-lien leverage.
Pricing on the term loan B is Libor plus 350 bps with a 25 bps step-down upon B2/B corporate family ratings and a 0% Libor floor. The debt was sold at an original issue discount of 99.5 and has 101 soft call protection for six months.
During syndication, pricing on the term loan firmed at the low end of the Libor plus 350 bps to 375 bps talk, the step-down was added and the discount was revised from 99.
Morgan Stanley Senior Funding Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Barclays, Goldman Sachs Bank USA and Wells Fargo Securities LLC acted as the joint lead arrangers and bookrunners on the revolver and term loan B.
Deutsche Bank, Citigroup, Credit Suisse, Goldman Sachs and Morgan Stanley were the joint lead arrangers and bookrunners on the ABL facility.
Deutsche Bank is the administrative agent on all of the debt.
Proceeds were used to help refinance existing debt and pay related fees and expenses.
Clear Channel Outdoor is a New York-based outdoor advertising company.
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