Company: CCO
Filing Date: 2025-01-10
Form Type: 8-K
Source: 0001193125-25-004043
Chunk: 1

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-01-10
Form: 8-K
Item: Item 1.01
Chunk 1
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 subject to the asset sale provisions of the agreements governing the remainder of the Company’s indebtedness.

Conditions to Closing

Under the terms of the Share Purchase Agreement, the closing is subject to the receipt of regulatory clearance or approval of the transaction by certain antitrust authorities with an outside termination date of 18 months following the date of the Share Purchase Agreement (the “ Outside Termination Date”), subject to a six-monthextension by either party (the “ Extended Outside Termination Date”). The transaction is not subject to a financing condition. The Purchaser has received an equity commitment letter pursuant to which one or more indirect shareholders of the Purchaser has committed to advance to the Purchaser, on the terms and conditions set forth in such letter, the cash amount set forth therein for the purposes of enabling the Purchaser to satisfy its payment obligations under the Share Purchase Agreement to the extent that it has insufficient immediately available funds to do so. The transaction is expected to close in 2025.

On completion of the transaction, among other deliverables, the Seller or the Parent, as applicable, shall deliver to the Purchaser (i) a transitional services agreement pursuant to which, following closing, Clear Channel International Limited (“ CCI”), one of the subsidiaries of the Target, will provide or procure the provision to the Seller, and Outdoor Management Services, Inc., a wholly-owned subsidiary of the Company, will provide or procure the provision to CCI, with certain customary transitional services, primarily consisting of information technology services, plus certain finance, tax, audit, and people services for a period expected to be up to 18 months, as applicable; and (ii) a transitional services agreement pursuant to which, following closing, CCI will provide or procure the provision to Clear Channel España, S. L. U., a wholly-owned subsidiary of the Company, with certain transitional services for a period of up to 12 months, as applicable.

Warranties, Undertakings and Specific Indemnities

The Share Purchase Agreement contains customary warranties and undertakings from each of the Seller and the Purchaser, as well as certain specific indemnities (including with respect to certain litigation matters) from the Seller. During the period between the date of the Share Purchase Agreement and the completion of the transaction, the Seller has agreed to ensure that the Target and its subsidiaries conduct their businesses in all material respects in the ordinary course, as set forth more fully in Share Purchase Agreement.

In addition, following the closing of the transaction, the Seller has agreed to provide the Purchaser with a