Clear Channel Outdoor Holdings, Inc. Intends to Demand Repayment of $30.0 million Outstanding Under the Revolving Promissory Note; Declares Special Cash Dividend, Payable on January 24, 2018
January 08, 2018 at 05:33 pm IST
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On January 5, 2018, Clear Channel Outdoor Holdings, Inc. notified its parent company, iHeartCommunications, Inc. that on January 24, 2018, it intends to demand repayment of $30.0 million outstanding under the Revolving Promissory Note, dated as of November 10, 2005, between iHeartCommunications, as maker, and the company, as payee (as amended by the first amendment dated as of December 23, 2009, the second amendment dated as of October 23, 2013 and the third amendment dated as of November 29, 2017).
The Board of Directors of the company declared a special cash dividend payable on January 24, 2018 to Class A and Class B stockholders of record at the closing of business on January 19, 2018, in an aggregate amount equal to $30.0 million, using proceeds of the Demand. iHeartCommunications will be entitled to receive approximately 89.5%, or approximately $26.85 million, of the proceeds of the dividend through its wholly-owned subsidiaries. The remaining approximately 10.5% of the proceeds of the dividend, or approximately $3.15 million, will be paid to the public stockholders of the Company.
Clear Channel Outdoor Holdings, Inc. is an out-of-home advertising company. The Company provides customized advertising solutions through its asset portfolio of roadside billboards, urban street furniture, airport advertising displays and other displays. The Companyâs segments include America, Airports, and Europe-North. The America segment consists of operations in the United States excluding airports. The Airports segment provides advertising opportunities around and within United States and Caribbean airports. The Europe-North segment consists of operations in the United Kingdom, the Nordics, and several other countries throughout northern and central Europe. It also has operations in Latin America and Singapore. Its Latin American businesses include operations in Mexico, Brazil, Chile, and Peru. The Company generally outsources the design and manufacturing of advertising structures to third parties.
Clear Channel Outdoor Holdings, Inc. Intends to Demand Repayment of $30.0 million Outstanding Under the Revolving Promissory Note; Declares Special Cash Dividend, Payable on January 24, 2018
CLEAR CHANNEL OUTDOOR HOLDINGS, INC. 
