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Clear Channel Outdoor Holdings (CCO)
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CCO » Topics » (as of September 30, 2009, pro forma for the offering)

This excerpt taken from the CCO 8-K filed Dec 11, 2009.

(as of September 30, 2009, pro forma for the offering)

LOGO

 

 

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(1) Secured indebtedness includes senior secured credit facilities of $15.8 billion (giving effect to the offering) and secured indebtedness of $5.4 million held at various subsidiaries. In connection with the offering, Clear Channel Worldwide Holdings intends to loan an amount equal to the aggregate principal amount of the notes to CCOI. CCOI intends to use these funds to repay approximately $730 million in aggregate principal amount owed to Clear Channel Communications under the CCU Intercompany Note (as defined in footnote 5 below). Clear Channel Communications intends to repay $150 million of indebtedness under its senior secured credit facilities (equal to the aggregate principal amount of the Series B notes).

 

(2) The $79.9 million of other indebtedness includes (a) $49.4 million held at various subsidiaries within the International Outdoor Advertising Segment, (b) $30.4 million held at a subsidiary within the Americas Outdoor Advertising Segment and (c) $0.1 million held at a Radio Broadcasting subsidiary.

 

(3) As part of the day-to-day cash management services provided by Clear Channel Communications, we maintain accounts that represent net amounts due to or from Clear Channel Communications, which is recorded as “Due from/to Clear Channel Communications” on the consolidated balance sheet. As part of the offering, Clear Channel Communications will repay $50.0 million in principal amount of the Due from Clear Channel Communications. The “Due from/to Clear Channel Communications” accounts are scheduled to mature on August 10, 2010 but will be extended to December     , 2017.

 

(4) Includes substantially all of the operations of the Americas Outdoor Advertising Segment. The remaining operations of the Americas Outdoor Advertising Segment, including those in Mexico, Canada and Peru, are operated through various subsidiaries of CCOI.

 

(5) In August 2005, we distributed a note issued by CCOI in the original principal amount of $2.5 billion to Clear Channel Communications as a dividend (the “CCU Intercompany Note” or “Debt with Clear Channel Communications”). The CCU Intercompany Note is scheduled to mature on August 2, 2010 but will be extended to December     , 2017 and may be prepaid in whole or in part at any time. CCOI will repay $730 million of the CCU Intercompany Note with a portion of the proceeds of the loans from Clear Channel Worldwide Holdings. See footnote 6 below and “Use of Proceeds.”

 

(6) Clear Channel Worldwide Holdings will loan an amount equal to the aggregate principal amount of the notes to CCOI pursuant to two intercompany notes that will be due and payable in the same amounts and at the same times as the aggregate payments under the notes.

 

 

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