05:40 PM EST, 03/04/2024 (MT Newswires) -- Clear Channel Outdoor ( CCO ) late Monday said it priced a $865 million offering of 7.875% senior secured notes due 2030.

The offering is part of a broader refinancing transaction by the billboard and out-of-home advertising company to refinance its existing senior secured credit facilities, extend the maturity of its term loan B facility to 2028.

The company currently owes about $1.26 billion in term loans as of Dec. 31, 2023, according to its most recent annual report filed Feb. 26.

Clear Channel also plans to use a portion of the proceeds to repay a portion of its outstanding credit.

The company had a total $5.6 billion in debt at the end of 2023, according to its annual report.

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