Company: CCO
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001334978-25-000037
Chunk: 7

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 2
Chunk 7
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2024, primarily due to the repurchase of a portion of our 7.750% and 7.500% Senior Notes in the second quarter of 2025 and lower average interest rates on our Term Loan Facility. These decreases were partially offset by higher interest expense associated with the August 2025 senior secured notes refinancing.

Loss on Extinguishment of Debt, Net

During the three months ended September 30, 2025, we recognized a loss on extinguishment of debt of $43.8 million related to the August 2025 senior secured notes refinancing transactions. For the nine months ended September 30, 2025, this loss was partially offset by a $28.8 million gain on extinguishment of debt recognized in the second quarter of 2025 related to the repurchase of a portion of our 7.750% and 7.500% Senior Notes in open market transactions at a discount.

We did not extinguish any debt during the three months ended September 30, 2024. During the nine months ended September 30, 2024, we recognized a $2.4 million loss on extinguishment of debt related to the prepayment and amendment of the Term Loan Facility.

Other Income (Expense), Net

Other income (expense), net, was income of $0.1 million and expense of $0.8 million for the three months ended September 30, 2025 and 2024, respectively, and income of $1.0 million for the nine months ended September 30, 2025.

For the nine months ended September 30, 2024, other expense, net, was $9.2 million, primarily due to $10.0 million of debt modification expense related to the issuance of the 7.875% Senior Secured Notes and the associated prepayment and refinancing of the Term Loan Facility.

Income Tax Benefit Attributable to Continuing Operations

The effective tax rates for continuing operations for the three and nine months ended September 30, 2025 were 22.5% and 8.1%, respectively, compared to 16.8% and 8.5% for the three and nine months ended September 30, 2024, respectively. The rates were primarily impacted by a valuation allowance recorded against current-period deferred tax assets, primarily related to interest expense carryforwards, due to uncertainty regarding our ability to realize those assets in future periods.

In the third