Clear Channel Outdoor Holdings, Inc. Announces Amendment To Credit Agreement

Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (the "Company") today announced that it has entered into an amendment (the "Amendment") to the Company's credit agreement, dated as of August 23, 2019 (the "Credit Agreement"), with several of its lenders.

The Amendment is expected to support the Company's efforts to manage through the uncertainties caused by the unprecedented COVID-19 situation, while maintaining compliance with the terms of the Company's revolving credit facility (the "Revolving Credit Facility") as described in the Credit Agreement. The Company sought the Amendment in response to the uncertain macroeconomic environment due to the challenging industry conditions that have decreased advertising demand and marketing spend around the globe.

The Amendment suspends the springing financial covenant of the Revolving Credit Facility, which requires that the Company's first lien net leverage ratio not exceed 7.60:1, from the third quarter of 2020 through the second quarter of 2021. The Amendment also delays the timing of the financial covenant stepdown of the first lien net leverage ratio to 7.10:1, originally set to occur in the second quarter of 2021, until the first quarter of 2022.

During the suspension period, Clear Channel Outdoor is required to maintain minimum liquidity of $150 million, including cash on hand and availability under the Company's receivables-based credit facility and Revolving Credit Facility. The Company has also agreed not to make voluntary restricted payments with certain exceptions during the same suspension period. More detailed information can be found in the Company's 8-K filing today.

About Clear Channel Outdoor Holdings, Inc.

Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) is one of the world's largest outdoor advertising companies with a diverse portfolio of approximately 570,000 print and digital displays in 32 countries across Asia, Europe, Latin America and North America, reaching millions of people monthly. A growing digital platform includes more than 16,000 digital displays in international markets and more than 1,900 digital displays (excluding airports), including more than 1,400 digital billboards, in the U.S.

Comprised of two business divisions – Clear Channel Outdoor Americas (CCOA), the U.S. and Caribbean business division, and Clear Channel International (CCI), covering markets in Asia, Europe and Latin America – CCO employs approximately 5,900 people globally. More information is available at investor.clearchannel.com, clearchanneloutdoor.com and clearchannelinternational.com.