Company: CCO
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001334978-25-000012
Chunk: 33

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 1
Chunk 33
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 in Note 2. Upon repayment, CCIBV and the guarantors under the credit agreement that governed the CCIBV Term Loan Facility, and all collateral granted as security thereunder, were released, and the credit agreement was terminated.The aggregate market value of the Company’s debt, based on market prices for which quotes were available, was approximately $5.0 billion and $5.5 billion as of March 31, 2025 and December 31, 2024, respectively. Under the fair value hierarchy established by ASC 820-10-35, the inputs used to determine the market value of the Company’s debt are classified as Level 1.As of March 31, 2025, the Company was in compliance with all covenants contained in its debt agreements.Letters of Credit, Surety Bonds and GuaranteesThe Company has letters of credit, surety bonds and bank guarantees related to various operational matters, including insurance, bid, concession and performance bonds, as well as other items.As of March 31, 2025, the Company had $23.0 million of letters of credit outstanding under its Revolving Credit Facility, resulting in $92.8 million of remaining excess availability, and $68.8 million of letters of credit outstanding under its Receivables-Based Credit Facility, resulting in $73.5 million of excess availability. Additionally, as of March 31, 2025, the Company had $43.5 million and $13.1 million of surety bonds and bank guarantees outstanding, respectively, a portion of which was supported by $2.1 million of cash collateral.A portion of these letters of credit and guarantees at March 31, 2025 related to discontinued operations that were held for sale as of this date. Please refer to Note 2 for additional information.Subsequent EventsIn April 2025, the Company repurchased $54.0 million principal amount of its 7.750% Senior Notes due 2028 and $65.8 million principal amount of its 7.500% Senior Notes due 2029 in the open market at a discount, for a total cash payment of $99.5 million, excluding accrued interest and related fees. The repurchased notes are currently held by the Company and have not been canceled. As a result of these transactions, the Company expects to recognize a gain on extinguishment of debt in the second quarter of 2025.

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