Key Developments: Clear Channel Outdoor Holdings Inc (CCO.N)
7.49USD
1 Aug 2013
$0.07 (+0.94%)
$7.42
$7.44
$7.53
$7.44
15,036
40,867
$8.74
$4.51
Latest Key Developments (Source: Significant Developments)
Clear Channel Outdoor Holdings Inc Announces Management Changes-Form 8-K
CC Media Holdings Inc reported in its Form 8-K that Richard J. Bressler has been appointed as Chief Financial Officer of Clear Channel Outdoor Holdings Inc (CCOH). The appointments became effective on July 29, 2013. Mr. Bressler succeeds Thomas W. Casey, who served as Executive Vice President and Chief Financial Officer of CCOH. Full Article
Clear Channel Outdoor Holdings Inc Announces Pricing Of Senior Notes
Clear Channel Outdoor Holdings Inc announced the pricing of $735,750,000 aggregate principal amount of 6.5% Series A Senior Notes due 2022, which will be issued at an issue price of 99.0% of par, and $1,989,250,000 aggregate principal amount of 6.5% Series B Senior Notes due 2022, which will be issued at par (together, the “Notes”), offered by its indirect, wholly-owned subsidiary, Clear Channel Worldwide Holdings, Inc. (“Clear Channel Worldwide”). The Company anticipates that the closing of the private offering will take place on November 19, 2012, subject to customary closing conditions. Clear Channel Worldwide intends to use the net proceeds from this offering, together with cash on hand, to pay the consideration in a concurrent tender offer Clear Channel Worldwide has undertaken in respect of its existing 9.25% Series A Senior Notes due 2017 and its existing 9.25% Series B Senior Notes due 2017 (together, the “Existing Notes”), and to pay all related fees and expenses. Clear Channel Worldwide currently intends to call for redemption on the closing date of this offering any Existing Notes that have not been tendered pursuant to the tender offer and to use the remaining net proceeds of this offering, together with cash on hand, to satisfy its obligations thereunder. Full Article
Clear Channel Outdoor Holdings, Inc.'s Clear Channel Airports Secures Contract
Clear Channel Outdoor Holdings, Inc. announced that Clear Channel Airports has signed a new five-year contract extension with the Piedmont Triad International Airport (GSO) that promises to bring digital advertising opportunities to Piedmont Triad area businesses while increasing revenue opportunities to the airport and city. The agreement will introduce a new digital display program that includes LCD screens as a strategic update to the airport’s advertising program. Clear Channel Airport is division of Clear Channel Outdoor Holdings, Inc. Full Article
Robbins Umeda LLP Announces An Investigation Of Clear Channel Outdoor Holdings, Inc.
Robbins Umeda LLP announced that it is investigating possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Clear Channel Outdoor Holdings, Inc.(Clear Channel). Robbins Umeda LLP's investigation focuses on whether Clear Channel's controlling shareholder, Clear Channel Communications (CCC), and members of the board of directors at Clear Channel breached their fiduciary duties to shareholders. In particular, the firm is investigating a questionable $1 billion unsecured loan from Clear Channel to CCC that Clear Channel's board approved at CCC's insistence. The terms of the loan are so favorable to CCC that, had Clear Channel lent the money at a reasonable market interest rate, it would earn twice as much interest on the loan. In addition, Clear Channel faces a significant risk that this unsecured loan will never be paid back due to CCC's debt load and current financial health. As a result of the questionable loan, Clear Channel has and will be severely damaged because it is only receiving interest of 9.25%, rather than the 17.5% or more that market rates dictate. CCC, which owns 89% of Clear Channel's stock and controls 99% of the voting power, has used its control to compel Clear Channel's board to approve this questionable loan, and the board has willingly complied. Full Article
Clear Channel Outdoor Holdings, Inc.'s Subsidiary Announces Proposed Private Offering Of Senior Subordinated Notes
Clear Channel Outdoor Holdings, Inc. announced that its indirect, wholly-owned subsidiary, Clear Channel Worldwide Holdings, Inc. (Clear Channel Worldwide), will offer, subject to market and customary conditions, $250,000,000 aggregate principal amount of Series A Senior Subordinated Notes due 2020 (the Series A Notes) and $1,000,000,000 aggregate principal amount of Series B Senior Subordinated Notes due 2020 (the Series B Notes” and, together with the Series A Notes, the Notes) in a private offering that is exempt from registration under the Securities Act of 1933, as amended (the Securities Act). The Company has been informed by Clear Channel Holdings that it intends to use the proceeds of the dividend it receives to pay a dividend to its parent company, Clear Channel Communications, Inc., which will in turn use the proceeds, together with cash on hand in an amount equal to the amount of dividend proceeds distributed to CC Finco, to repay indebtedness under its senior secured credit facilities. Full Article
Clear Channel Outdoor agrees to settle shareholder lawsuit
- Clear Channel Outdoor Holdings Inc agreed to settle a shareholder lawsuit seeking to rescind an allegedly improper loan that the billboard advertising company made to its ailing parent Clear Channel Communications Inc .

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