Company: CCO
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001334978-25-000037
Chunk: 17

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 2
Chunk 17
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 of 2024 related to the resolution of the investigation of our former indirect, non-wholly-owned subsidiary, Clear Media; and the receipt in 2025 of $10.1 million in insurance proceeds related to the ongoing recovery of certain amounts previously incurred in connection with a resolved legal matter. These favorable impacts were partially offset by lower operating cash contributions from international businesses sold in the first quarter of 2025.

Dispositions

During the nine months ended September 30, 2025, we received $589.2 million in net cash proceeds from the sale of businesses, net of direct transaction costs paid and cash transferred with the businesses. This included $12.3 million from the sale of our businesses in Mexico, Peru and Chile, and $576.9 million from the sale of the businesses constituting our Europe-North segment, prior to the prepayment of the CCIBV Term Loan Facility and related accrued interest.

Additionally, we received $14.3 million and $12.2 million in cash proceeds from asset dispositions during the nine months ended September 30, 2025 and 2024, respectively.

On October 1, 2025, we sold our business in Brazil for a purchase price of approximately $15.0 million, subject to certain customary adjustments. We intend to use the net proceeds from the sale, after payment of transaction-related fees and expenses, to improve liquidity and increase financial flexibility as permitted under our debt agreements.

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On September 7, 2025, we entered into a definitive agreement to sell our business in Spain for a purchase price of €115 million, 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