Company: CCO
Filing Date: 2025-01-10
Form Type: 8-K
Source: 0001193125-25-004043
Chunk: 0

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-01-10
Form: 8-K
Item: Item 1.01
Chunk 0
---
Item 1.01      Entry into a Material Definitive Agreement.  

On January 8, 2025, Clear Channel International Holdings B. V. (the “ Seller”), Clear Channel Outdoor, LLC (the “ Guarantor”), and Clear Channel International B. V. (the “ Parent”), each a wholly-owned subsidiary of Clear Channel Outdoor Holdings, Inc. (the “ Company”), entered into a Share Purchase Agreement (the “ Share Purchase Agreement”) with Bauer Radio Limited, a private limited company incorporated and registered in England and Wales (the “ Purchaser”).

Pursuant to the Share Purchase Agreement, and in accordance with the terms and conditions set forth therein, the Seller has agreed to sell, and the Purchaser has agreed to purchase, the entire issued share capital of Clear Channel Holdings Limited (the “ Target”) and, thereby, all the businesses constituting the Company’s Europe-North segment. For avoidance of doubt, the Company’s business in Spain, which is part of the Company’s Europe-South segment, is not part of the transaction. The Guarantor has agreed to unconditionally and irrevocably guarantee to the Purchaser the due and punctual performance and observance by the Seller of all its obligations, commitments, undertakings, covenants, and warranties under the Share Purchase Agreement.

Purchase Consideration

As consideration for the purchase of the entire issued share capital of the Target by the Purchaser, the Purchaser will pay to the Seller an initial amount of $625.0 million in cash, subject to certain customary adjustments related to the amount of cash held by the Target and its subsidiaries, certain outstanding loans or other financing liabilities owed to the Seller and its related parties by the Target and its subsidiaries (if any), third-party indebtedness and other debt-like items, certain outstanding amounts owed by the Seller and its related parties to the Target and its subsidiaries (if any), working capital adjustments, and an amount equal to the aggregate deferred consideration (if any) related to certain ongoing claims of the Target and its subsidiaries, all subject to the terms and conditions set forth in the Share Purchase Agreement. The aforementioned adjustments shall be subject to a post-closing true-upby reference to the actual position immediately prior to closing.

The Company intends to use the anticipated net proceeds from the transaction, after payment of transaction-related fees and expenses, to prepay in full the outstanding term loans of the Parent in the principal amount of $375.0 million, plus any accrued interest. The remaining expected net proceeds will be