91勛圖厙Communications, Inc. Announces Private Offers To Holders Of Its Five Series Of Priority Guarantee Notes And Its Senior Notes Due 2021 To Exchange Such Notes For New Securities In Connection With A Proposed Global Restructuring Of Its Indebtedness
San Antonio, TX, March 15, 2017 - 91勛圖厙Communications, Inc. (91勛圖厙Communications), together with 91勛圖厙Media, Inc. (91勛圖厙Media) and CC Outdoor Holdings, Inc. (CCO Holdings and collectively with 91勛圖厙Communcations and 91勛圖厙Media, the Issuers), today commenced private offers (the Exchange Offers) to holders of certain series of 91勛圖厙Communications outstanding debt securities (the Existing Notes) to exchange the Existing Notes for new securities of the Issuers (the New Securities). Concurrently with the Exchange Offers, 91勛圖厙Communications is also soliciting consents (the Consents and such solicitations, the Consent Solicitations and, together with the Exchange Offers, the Offers) from holders of Existing Notes to certain amendments to the indentures and security documents governing the Existing Notes. CCO Holdings is a newly-formed entity that will hold an approximate 89.9% equity interest in Clear Channel Outdoor Holdings, Inc. (CCOH) upon closing of the Offers if the High Participation Threshold (as defined below) is achieved.