Clear Channel Outdoor Holdings, Inc. Announces Upsize and Pricing of Offering of 9.25% Senior Subordinated Notes Due 2024 by Its Subsidiary Clear Channel Worldwide Holdings, Inc.

SAN ANTONIO–(BUSINESS WIRE)–Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) (the “Company”)
announced today that its indirect, wholly-owned subsidiary, Clear
Channel Worldwide Holdings, Inc. (“Clear Channel Worldwide”), upsized
and priced an offering of $2,235.0 million aggregate principal amount of
9.25% Senior Subordinated Notes due 2024 (the “Notes”), an upsize of $35
million over the amount previously announced. The issuance and sale of
the Notes is expected to be completed on February 12, 2019, subject to
customary closing conditions.


The Company, its wholly-owned subsidiary Clear Channel Outdoor, Inc.,
and certain of the Company’s other domestic subsidiaries will guarantee
the Notes. The Notes will be unsecured senior subordinated obligations
that will rank junior to all of Clear Channel Worldwide’s existing and
future senior debt, equally with any of Clear Channel Worldwide’s
existing and future senior subordinated debt and ahead of all of Clear
Channel Worldwide’s existing and future debt that expressly provides
that it is subordinated to the Notes. The guarantees of the Notes will
rank junior to all of the guarantors’ existing and future senior debt,
equally with any of the guarantors’ existing and future senior
subordinated debt and ahead of all of the guarantors’ existing and
future debt that expressly provides that it is subordinated to the
guarantee of the Notes.


Clear Channel Worldwide intends to use the proceeds from the Notes to
redeem all of its outstanding 7.625% Series A and Series B Senior
Subordinated Notes due 2020 and satisfy and discharge the indenture
governing such notes and to pay fees and expenses related to the
offering and the redemption. As previously announced, on February 4,
2019, Clear Channel Worldwide delivered a conditional notice of
redemption, calling such notes for payment on March 6, 2019. The
redemption is conditioned on the closing of this offering and the notice
thereof may be rescinded or amended if necessary.


The Notes and related guarantees are being offered only to persons
reasonably believed to be “qualified institutional buyers” in reliance
on the exemption from registration pursuant to Rule 144A under the
Securities Act and to persons outside of the United States in compliance
with Regulation S under the Securities Act. The Notes and the related
guarantees have not been registered under the Securities Act, or the
securities laws of any state or other jurisdiction, and may not be
offered or sold in the United States without registration or an
applicable exemption from the Securities Act and applicable state
securities and foreign securities laws.


This press release is for informational purposes only and shall not
constitute an offer to sell nor the solicitation of an offer to buy the
Notes or any other securities. The offering is not being made to any
person in any jurisdiction in which the offer, solicitation or sale is
unlawful.


About Clear Channel Outdoor Holdings, Inc.


Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) is one of the world’s
largest outdoor advertising companies with over 450,000 displays in 31
countries across Asia, Europe, Latin America and North America. Reaching
millions of people monthly, including consumers in 44 of the top 50 U.S.
markets, Clear Channel Outdoor enables advertisers to engage with
consumers through innovative advertising solutions. Clear Channel
Outdoor is pioneering the integration of out-of-home with mobile and
social platforms, and the company’s digital platform includes more than
1,200 digital billboards across 28 markets in the U.S. and over 13,000
digital displays in international markets.


Cautionary Note Regarding Forward-Looking Statements


This press release contains forward-looking statements based on current
Clear Channel Outdoor Holdings, Inc.’s management expectations. These
forward-looking statements include all statements other than those made
solely with respect to historical facts and include, but are not limited
to, statements regarding the offering, the anticipated terms of the
Notes and the anticipated use of the proceeds of the offering. Numerous
risks, uncertainties and other factors may cause actual results to
differ materially from those expressed in any forward-looking
statements. These risks, uncertainties and other factors include, but
are not limited to, whether or not the offering or the redemption will
be consummated. Many of the factors that will determine the outcome of
the subject matter of this press release are beyond Clear Channel
Outdoor Holdings, Inc.’s ability to control or predict. Clear Channel
Outdoor Holdings, Inc. undertakes no obligation to revise or update any
forward-looking statements, or to make any other forward-looking
statements, whether as a result of new information, future events or
otherwise.

Contacts

MediaWendy GoldbergExecutive
Vice President – Communications(212) 377-1105


InvestorsEileen McLaughlinVice
President – Investor Relations(212) 377-1116