Clear Channel Outdoor unit tenders for 9¼% series A, series B notes

By Susanna Moon

Chicago, Nov. 2 - Clear Channel Outdoor Holdings, Inc. said its indirect wholly owned subsidiary Clear Channel Worldwide Holdings, Inc. began a cash tender offer for its $500 million outstanding principal amount of 9¼% series A senior notes due 2017 and its $2 billion outstanding principal amount of 9¼% series B senior notes due 2017.

The total purchase price will be $1,074.38 per $1,000.00 principal amount of notes tendered by 5 p.m. ET on Nov. 16, the early tender date.

The total payment includes an early tender payment of $30.00 per $1,000.00 of notes.

The tender offer will expire at 11:59 p.m. ET on Dec. 3.

Those who tender after the early deadline will receive $1,044.38 per $1,000.00 of notes.

The tender offer is conditioned on Clear Channel Worldwide receiving enough proceeds from a proposed refinancing to fund the offer.

Clear Channel Worldwide plans to call any notes remaining after the offer, according to a company press release.

Goldman, Sachs & Co. (800 828-3182 or collect 212 902-5183) and Credit Suisse Securities (USA) LLC (800 820-1653 or collect 212 325-2476) are the dealer managers. D.F. King & Co., Inc. at (800 829-6551 or collect 212 269-5550) is the tender agent and information agent.

Clear Channel Outdoor Holdings is a San Antonio-based outdoor advertising company.

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