Clear Channel Outdoor Gets huge Liquidity Boost

SAN ANTONIO, April 28, 2020 /PRNewswire/ -- Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (the "Company"), today announced that Clear Channel KNR Neth Antilles N.C., an indirect wholly owned subsidiary of the Company, has tendered its shares representing the Company's 50.91% stake in Clear Media Limited ("Clear Media"), an indirect, non-wholly owned subsidiary of the Company based in China, to Ever Harmonic Global Limited ("Ever Harmonic") for approximately $253 million*. Following receipt of the tendered shares, Ever Harmonic declared its voluntary cash general offer unconditional in all respects on April 28, 2020.
The Company expects to receive the cash proceeds in May 2020. The Company intends to utilize the net proceeds of approximately $220 million to improve its liquidity position and increase financial flexibility, subject to any limitations set forth in its debt agreements.