Company: CCO
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001334978-25-000027
Chunk: 20

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-08-05
Form: 10-Q
Item: Item 1
Chunk 20
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 private offering of $1,150.0 million aggregate principal amount of 7.125% Senior Secured Notes due 2031 and $900.0 million aggregate principal amount of 7.500% Senior Secured Notes due 2033 (together, the “New Senior Secured Notes”).The New Senior Secured Notes are guaranteed on a senior secured basis by certain of the Company’s wholly owned domestic subsidiaries (collectively, the “Guarantors”). The New Senior Secured Notes and related guarantees are secured, subject to permitted liens and certain other exceptions, on a first-priority basis by security interests in all of the Company’s and the Guarantors’ assets that secure the Company’s existing senior secured credit facilities and existing senior secured notes (other than accounts receivable and related assets securing the Company’s Receivables-Based Credit Facility) and, on a second-priority basis, by accounts receivable and related assets securing the Receivables-Based Credit Facility.At closing, the Company deposited an amount equal to the net proceeds from the New Senior Secured Notes offering, together with cash on hand, with the trustee for the 5.125% Senior Secured Notes due 2027 (the “5.125% Senior Secured Notes”) and 9.000% Senior Secured Notes due 2028 (the “9.000% Senior Secured Notes”) to redeem those notes in full. As a result, the indentures governing these notes were satisfied and discharged.

NOTE 6 – COMMITMENTS AND CONTINGENCIES

Legal ProceedingsThe Company and its subsidiaries are involved in certain legal proceedings arising in the ordinary course of business. As required, the Company has accrued estimates for the probable costs of resolving those claims for which loss is deemed probable and the amount can be reasonably estimated. These estimates have been developed in consultation with the Company’s counsel and are based on an analysis of potential outcomes, assuming a combination of litigation and settlement strategies. It is possible, however, that future results of operations for any particular period could be materially affected by changes in the Company’s assumptions or the effectiveness of its strategies related to these proceedings. Due to the inherent uncertainty of litigation, there can be no assurance that the resolution of any particular claim or proceeding would not have a material adverse effect on the Company’s financial condition or results of operations.Although the Company is involved in a variety of legal proceedings in the ordinary course of business, a large portion of its litigation arises in the following contexts: commercial disputes