Clear Channel Outdoor announces $1.25 billion two-part notes offering

By Paul A. Harris

Portland, Ore., Feb. 27 - Clear Channel Worldwide Holdings, Inc., a wholly owned subsidiary of Clear Channel Outdoor Holdings, Inc., plans to sell $1.25 billion of senior subordinated notes in two tranches, according to a market source.

The deal will be comprised of a $250 million tranche of series A senior subordinated notes due 2020 and a $1 billion tranche of series B senior subordinated notes due 2020.

Proceeds from the Rule 144A and Regulation S notes and cash on hand will be used to fund a dividend to Clear Channel Communications Inc.

Clear Channel Outdoor Holdings is a San Antonio-based outdoor advertising company.

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