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Clear Channel Outdoor launches 100M-share secondary

Jul. 22, 2019 4:14 PM ETClear Channel Outdoor Holdings, Inc. (CCO) StockCCOBy: Jason Aycock, SA News Editor
  • Clear Channel Outdoor Holdings (NYSE:CCO) is launching an underwritten public secondary offering of common stock.
  • It proposes to sell 100M shares, with underwriters getting a 30-day greenshoe option to buy up to 15M additional shares.
  • Net proceeds along with cash on hand will be used to redeem about $406M of the 9.25% senior subordinated notes due 2024 of subsidiary Clear Channel Worldwide Holdings.
  • Book-runners are Morgan Stanley, J.P. Morgan, Barclays Capital, Citigroup Global Markets and Wells Fargo Securities.
  • Shares are down 1% after hours.

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