NautaDutilh advised the initial purchasers in connection with a USD 375 million 6,625% senior secured notes offering by Clear Channel International B.V. (CCI). The notes are guaranteed by certain of CCI's subsidiaries. Both the notes and guarantees are secured by pledges over shares, intercompany receivables and material bank accounts of CCI and certain of its subsidiaries.
CCI is the international business division of Clear Channel Outdoor Holdings and a leading international out-of-home advertising company with operations primarily in Europe and Singapore. Through its extensive inventory and technology-based enhancements, CCI delivers innovative, effective marketing campaigns for advertising partners in their target markets.
The group of initial purchasers consisted of: U.S. Bank Trustees Limited, Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC, Barclays Capital Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Wells Fargo Securities, LLC.
The closing of the notes offering took place on 4 August 2020. NautaDutilh worked alongside lead counsel Davis Polk & Wardell London LLP. Our team was led by David Viëtor and consisted of Dewi Walian, Tessa van Berkum (Capital Markets), Jinne van Belle (Finance), Nina Kielman and Alissia Sudibyo (Tax).