Company: CCO
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001334978-25-000027
Chunk: 43

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-08-05
Form: 10-Q
Item: Item 1
Chunk 43
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95.7 million aggregate principal amount of our 7.750% Senior Notes and $134.1 million aggregate principal amount of our 7.500% Senior Notes in open market transactions at a discount. The total cash payment was $203.4 million, including accrued interest of $4.0 million and related fees. The repurchased notes are currently held by the Company and have not been canceled.

Debt Service Obligations

During the six months ended June 30, 2025 and 2024, we paid cash interest of $210.2 million and $218.5 million, respectively. The $8.3 million decrease primarily reflects the impact of recent refinancing activity and related changes in interest payment timing and rates.

Following the prepayment of the CCIBV Term Loan Facility, the second-quarter repurchase of Senior Notes, and the August 2025 refinancing, we expect cash interest payments of approximately $184 million for the remainder of 2025 and approximately $400 million in 2026, assuming no further prepayments, refinancings, new debt issuances or additional repurchases.

31

On August 4, 2025, we closed a private offering of new senior secured notes and used the proceeds, together with cash on hand, to fund the full redemption of our 5.125% Senior Secured Notes and 9.000% Senior Secured Notes. As a result, the indentures governing these notes were satisfied and discharged. Following these redemptions, our next scheduled debt maturity will be in April 2028, when $899.3 million aggregate principal amount of our 7.750% Senior Notes becomes due.

For additional details on our long-term debt, refer to Note 5 to our Condensed Consolidated Financial Statements in Item 1 of Part I of this Quarterly Report on Form 10-Q.

Debt Covenants

Our debt agreements contain certain covenants, as described in our 2024 Annual Report on Form 10-K. As of June 30, 2025, we were in compliance with all applicable covenants.

The Senior Secured Credit Agreement includes a springing financial covenant that applies only if the Revolving Credit Facility has an outstanding balance and undrawn letters of credit exceed $10 million. If triggered, the covenant requires that we maintain a first lien net leverage ratio of less than 7.10 to 1.00. As of June 30,