Clear Channel Outdoor unmoved by sale of France business; Action, Ciena changes surface

By Sara Rosenberg

New York, Oct. 18 – Clear Channel Outdoor Holdings Inc.’s term loan held steady in trading on Wednesday following news that the company has reached an agreement to sell its business in France to Equinox Industries.

Meanwhile, in the primary market, Action Holding BV (Peer Holding III BV/Peer USA LLC) increased the size of its term loan B-4, reduced the spread and tightened the original issue discount, and Ciena Corp. upsized its term loan, set the margin at the low end of guidance and revised issue price talk.

Clear Channel Outdoor’s term loan was quoted at 97 bid, 97½ offered on Wednesday, unchanged from Tuesday’s levels, after the company disclosed it is selling its France business to Equinox Industries, a trader said.

Separately, Action Holding, a non-food discount retailer in Europe, raised its seven-year term loan B-4 to $1.5 billion from $1 billion, trimmed pricing to SOFR plus 325 basis points from SOFR plus 350 bps and changed the original issue discount to 99.25 from 99, a market source remarked.

As before, the term loan has a 0% floor and 101 soft call protection for six months.

Commitments continued to be due at 5 p.m. ET on Wednesday, the source added.

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