Clear Channel Outdoor Holdings, Inc. Announces Pricing of Senior Notes

  Clear Channel Outdoor Holdings, Inc. Announces Pricing of Senior Notes

Business Wire

SAN ANTONIO -- November 06, 2012

Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (the “Company”) announced
today 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.

The Company, its wholly-owned subsidiary Clear Channel Outdoor, Inc., and
certain of the Company’s other domestic subsidiaries (collectively, the
“Guarantors”) will guarantee the Notes. The Notes will be senior obligations
that rank pari passu in right of payment to all unsubordinated indebtedness of
Clear Channel Worldwide, and the guarantees of the Notes will be senior
obligations that rank pari passu in right of payment to all unsubordinated
indebtedness of the Guarantors.

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.

The Notes and related guarantees are being offered only to “qualified
institutional buyers” in reliance on the exemption from registration pursuant
to Rule 144A under the Securities Act of 1933, as amended (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 laws.

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

About Clear Channel Outdoor Holdings, Inc.

Clear Channel Outdoor Holdings, Inc. is one of the world’s largest outdoor
advertising companies, with more than 750,000 displays in over 40 countries
across five continents, including 48 of the 50 largest markets in the United
States. Clear Channel Outdoor Holdings, Inc. offers many types of displays
across its global platform to meet the advertising needs of its customers.
This includes a growing digital platform that now offers over 1,000 digital
displays across 37 U.S. markets. Clear Channel Outdoor Holdings, Inc.’s
International segment operates in nearly 30 countries across Asia, Australia,
Europe and Latin America in a wide variety of formats.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements based on Clear Channel
Outdoor Holdings, Inc.’s current 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 closing of the offering 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, the satisfaction or waiver of
the conditions to closing of the offering and the timing and use of proceeds
of the offering. 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.

Contact:

Media
Wendy Goldberg
Senior Vice President – Communications
(212) 549-0965
or
Investors
Brian Coleman
Senior Vice President and Treasurer
(210) 822-2828
 
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