Company: CCO
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001334978-25-000037
Chunk: 68

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 1
Chunk 68
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 of 9.000% Senior Secured Notes. As a result, the indentures governing the 5.125% and 9.000% Senior Secured Notes were satisfied and discharged. In connection with these transactions, we paid $62.0 million of accrued interest, a $36.1 million redemption premium and $25.6 million of other transaction fees and expenses.

Debt Service Obligations

During the nine months ended September 30, 2025 and 2024, we paid cash interest of $282.0 million and $297.1 million, respectively. The $15.1 million decrease primarily reflects the impact of recent refinancing activity and related changes in interest payment timing and interest rates. We expect to pay approximately $112 million of cash interest for the remainder of 2025 and approximately $400 million in 2026, including the first interest payments on the 7.125% and 7.500% Senior Secured Notes. These estimates assume no additional debt prepayments, repurchases, refinancings or issuances.

Our next scheduled debt maturities occur in 2028, when the $899.3 million aggregate principal amount of 7.750% Senior Notes and the $425.0 million Term Loan Facility become 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 September 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 September 30, 2025, these conditions were not met, and the covenant was not in effect. Accordingly, we have not presented the first lien net leverage ratio calculation in this Quarterly Report on Form 10-Q. Refer to the “Credit Facilities” section below for additional information on facility borrowings and excess availability as of September 30, 2025.

Sources of Capital and Liquidity

Cash On Hand