Company: CCO
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001334978-25-000027
Chunk: 19

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-08-05
Form: 10-Q
Item: Item 1
Chunk 19
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orth segment businesses (as described in Note 2) to fully prepay the $375.0 million aggregate principal amount of CCIBV term loans and $11.9 million of accrued interest. As a result, the Company recognized a loss on debt extinguishment of $5.4 million, which is reported in discontinued operations as described 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 June 30, 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 June 30, 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 June 30, 2025, the Company had $81.2 million of letters of credit outstanding under its Receivables-Based Credit Facility, resulting in $118.8 million of excess availability, and $6.8 million of letters of credit outstanding under its Revolving Credit Facility, resulting in $93.2 million of remaining excess availability. Additionally, as of June 30, 2025, the Company had $43.0 million and $9.8 million of surety bonds and bank guarantees outstanding, respectively, a portion of which was supported by $2.4 million of cash collateral. A portion of these letters of credit and guarantees at June 30, 2025 related to discontinued operations that were held for sale as of this date. Refer to Note 2 for additional information.

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Table of ContentsCLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIESCONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(UNAUDITED)

Subsequent Event — Debt RefinancingOn August 4, 2025, the Company closed a