Company: CCO
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001334978-25-000012
Chunk: 52

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 1
Chunk 52
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 1.00. As of March 31, 2025, our first lien net leverage ratio was 6.14 to 1.00, calculated by dividing first lien net debt by EBITDA (as defined in the Senior Secured Credit Agreement) for the preceding four quarters. First lien net debt and EBITDA are presented herein as they are key components of the first lien net leverage ratio calculation.

Under the Senior Secured Credit Agreement, the calculation of the first lien net leverage ratio excludes the impact of all businesses classified as discontinued operations, whether the sale is closed or pending. As a result, EBITDA from discontinued operations is not included in the calculation. However, the first lien net debt calculation does reflect the receipt of cash proceeds from the sales of our Europe-North segment businesses and certain Latin American businesses in the first quarter of 2025, net of the repayment of the CCIBV Term Loan Facility, but does not reflect any further intended use of those proceeds.

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First Lien Debt

The following table presents the calculation of our first lien net debt as of March 31, 2025:

(In millions)March 31,2025Receivables-Based Credit Facility$— Revolving Credit Facility— Term Loan Facility425.0 Clear Channel Outdoor Holdings 5.125% Senior Secured Notes Due 20271,250.0 Clear Channel Outdoor Holdings 9.000% Senior Secured Notes Due 2028750.0 Clear Channel Outdoor Holdings 7.875% Senior Secured Notes Due 2030865.0 Finance leases3.9 Less: Cash and cash equivalents(395.8)First lien net debt(1)$2,898.0 

(1)Due to rounding, the total may not equal the sum of the above line items.

EBITDA

As defined in the Senior Secured Credit Agreement, our EBITDA for the preceding four quarters of $472.0 million is calculated as operating income from continuing operations, adjusted for depreciation, amortization, impairment charges, share-based compensation, and other unusual or nonrecurring gains or losses, charges or expenses, including restructuring, redundancy or severance expenses, one-time compensation charges, and various other items.

    The following table reconciles EBITDA to operating income from continuing operations and consolidated net cash provided by operating activities for the four quarters ended March 31, 2025:

Four Quarters Ended(In millions)March