Clear Channel shops $425 million term loan at SOFR plus 450 bps

By Sara Rosenberg

New York, Feb. 27 – Clear Channel Outdoor Holdings Inc. is talking its $425 million term loan B due August 2028 at SOFR+CSA plus 450 basis points with a 0% floor and an original issue discount of 99, according to a market source.

CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

The term loan has 101 soft call protection for six months, the source said.

JPMorgan Chase Bank is the left lead on the deal.

Commitments are due at 5 p.m. ET on Monday, the source added.

Proceeds will be used to extend a portion of an existing $1.26 billion term loan B from August 2026 that is priced at SOFR+ARRC CSA plus 350 bps. The company is also repaying 2026 term loan B borrowing with some of the proceeds from an $865 million senior secured notes offering.

Clear Channel is a San Antonio-based out-of-home advertising company.

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