Davis Polk advised the initial purchasers in connection with a Rule 144A/Regulation S offering by Clear Channel International B.V. (“CCI”), a wholly owned subsidiary of Clear Channel Outdoor Holdings, Inc., of $375 million aggregate principal amount of its 6.625% senior secured notes due 2025. The notes are guaranteed by certain of CCI’s existing and future restricted subsidiaries. The notes and certain guarantees will be secured by first-lien pledges over stock and material bank accounts of CCI and certain material subsidiaries and certain intercompany receivables.

CCI is a leading international out-of-home advertising company with operations primarily in Europe and Singapore. Through its extensive inventory and technology-based enhancements, CCI delivers innovative, effective marketing campaigns for advertising partners in their target markets.

The Davis Polk corporate team included partners Michael Kaplan and Marcel Fausten and associates Dan Gibbons, Roman Shapurko and Chelsea Renter. Partner Nick Benham, counsel Aaron Ferner and associate Claudia Herron provided English law advice. The Davis Polk finance team included counsel Ilona C. Potiha and associate Stephanie S. Hong. Members of the Davis Polk team are based in the New York and London offices.