Company: CCO
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001334978-25-000037
Chunk: 70

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 1
Chunk 70
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 or approximately $134.9 million based on the prevailing exchange rate as of September 30, 2025, subject to customary adjustments. To mitigate foreign currency risk, we entered into a purchased foreign exchange option in September 2025 that provides for minimum U.S. dollar proceeds of at least $130.0 million, before customary adjustments, with the final amount potentially higher depending on exchange rates at closing. The transaction is expected to close by early 2026, upon satisfaction of regulatory approval. We intend to use the anticipated net proceeds from the sale, after payment of transaction-related fees and expenses, to further reduce our outstanding debt.

Credit Facilities

We have access to a Revolving Credit Facility and a Receivables-Based Credit Facility, each of which includes sub-facilities for letters of credit and short-term borrowings. On June 12, 2025, we amended both the Senior Secured Credit Agreement (which governs the Revolving Credit Facility) and the Receivables-Based Credit Agreement to, among other things, extend the maturity dates of the related commitments to June 12, 2030 and revise the borrowing limits of the respective facilities, as detailed in footnote (1) to the table below.

The table below presents borrowings and excess availability under these credit facilities as of September 30, 2025:

(in millions)Revolving Credit FacilityReceivables-Based Credit FacilityTotal Credit Facilities(3)Borrowing limit(1)$100.0 $200.0 $300.0 Borrowings outstanding— — — Letters of credit outstanding(2)7.0 81.7 88.6 Excess availability(3)$93.0 $118.3 $211.4 

(1)In connection with the June 2025 amendments, the Revolving Credit Facility commitment was reduced from $115.8 million to $100.0 million, and the maximum commitment under the Receivables-Based Credit Facility was increased from $175.0 million to $200.0 million (capped by a borrowing base that fluctuates based on our accounts receivable balance, as calculated under the Receivables-Based Credit Agreement).

(2)As of September 30, 2025, the letter of credit outstanding under the Revolving Credit Facility related to our business in Spain.

(3)Due to rounding, totals may not sum exactly as presented.

CRITICAL ACCOUNTING ESTIMATES 

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