Clear Channel Outdoor Holdings, Inc. $3.55 Billion Debt Refinancing

Davis Polk advised the financial institutions in connection with a $3.55 billion debt refinancing undertaken by Clear Channel Outdoor Holdings, Inc. and its subsidiaries, with the refinancing indebtedness consisting of a $2 billion senior secured term loan credit facility and a $175 million senior secured cash flow revolving credit facility; a Rule 144A/Regulation S offering of $1.25 billion aggregate principal amount of 5.125% senior secured notes due 2027; and a $125 million asset-based revolving credit facility.

Clear Channel Outdoor Holdings, Inc., based in San Antonio, Texas, is a global outdoor advertising company with billboards, street furniture displays, transit displays and other out-of-home advertising displays in markets around the world.

The Davis Polk finance team included partners Jason Kyrwood and Kenneth J. Steinberg and associates Scott M. Herrig and Ilona C. Potiha. The capital markets team included partners Michael Kaplan and Marcel Fausten and associate Dan Gibbons. Partner Po Sit provided tax advice. Partner Brian D. Hirsch provided real estate advice. All members of the Davis Polk team are based in the New York office.