This excerpt taken from the CCO 8-K filed Dec 11, 2009.
The financial statements included in this offering circular are those of Clear Channel Outdoor Holdings.
We refer to the offer and sale of the notes offered hereby and the application of proceeds thereof, including (i) repayment of a portion of, extension of the maturity of and modification of the interest rate payable on, the CCU Intercompany Note (as defined herein), (ii) repayment of a portion of, extension of the maturity of and modification of the interest rate payable on the cash management note issued by Clear Channel Communications payable to us, (iii) extension of the maturity of the cash management note issued by us payable to Clear Channel Communications, and (iv) the payment of fees and expenses, as the offering.
The following summary contains basic information about Clear Channel Outdoor Holdings and the offering of the notes by Clear Channel Worldwide Holdings. It likely does not contain all the information that is important to your investment decision. Before you make an investment decision, we encourage you to read this entire offering circular, including the risk factors, our financial statements and the related notes and the unaudited pro forma financial statements appearing elsewhere herein.