The high-yield notes are due 2031 and 2033

Davis Polk advised the representative of the initial purchasers in connection with a Rule 144A / Regulation S offering by Clear Channel Outdoor Holdings, Inc. of $1.15 billion aggregate principal amount of its 7.125% senior secured notes due 2031 and $900 million aggregate principal amount of its 7.500% senior secured notes due 2033. The notes are guaranteed by certain of Clear Channel’s subsidiaries.

Clear Channel Outdoor Holdings, Inc., based in San Antonio, Texas, is at the forefront of driving innovation in the out-of-home advertising industry. Clear Channel’s dynamic advertising platform is broadening the pool of advertisers using its medium through the expansion of digital billboards and displays and the integration of data analytics and programmatic capabilities that deliver measurable campaigns that are simpler to buy.

The Davis Polk capital markets team included partners Marcel Fausten, Daniel P. Gibbons and Michael Kaplan, counsel Arisa Akashi Sin and associate Wilson Lin. The finance team included partner Sanders Witkow, counsel Adela Troconis and associate Meredith (Sijia) Liu. Counsel Yixuan Long provided tax advice. The intellectual property team included partner Pritesh P. Shah. All members of the Davis Polk team are based in the New York office.

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