The 7.875% notes are due 2030

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 $865 million aggregate principal amount of its 7.875% senior secured notes due 2030. 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 Dan Gibbons and Michael Kaplan and associates Lincoln Jim and Abigail Barney. The finance team included partner Sanders Witkow and associate Elizabeth Rodgers. Partner Mario J. Verdolini and associate Jeff Metzger provided tax advice. The intellectual property team included partner Pritesh P. Shah. Counsel David A. Zilberberg provided environmental advice. All members of the Davis Polk team are based in the New York office.