Loan & DebtMay 18, 2026, 04:23 PM
Clear Channel Outdoor Amends Credit Pact, Boosts Commitments to $250M
AI Summary
Clear Channel Outdoor Holdings, Inc. entered into a Third Amendment to its ABL Credit Agreement, extending the maturity date by five years and increasing revolving credit commitments from $200 million to $250 million. The amendment also revises the borrowing base and adds flexibility for qualified securitization financings. These changes are contingent upon the consummation of the company's previously announced merger with Madison Parent Inc., and the amendment clarifies that the merger will not trigger a "Change of Control" under the credit agreement.
Key Highlights
- Maturity date of ABL Credit Agreement extended by five years from the effective date.
- Revolving credit commitments increased from $200,000,000 to $250,000,000.
- Borrowing base revised to expand eligible accounts.
- Flexibility added to permit qualified securitization financings.
- Definition of "Change of Control" amended to exclude the pending merger with Madison Parent Inc.
- The Third Amendment becomes effective upon the consummation of the merger.
Price Impact
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